Another surge in the shares of Beacon Lighting as the pandemic-driven boom in home renovations and building will see the record end the first half of 2020-21 with record sales and earnings.
The shares leapt more than 12% to close at $1.60, a new high for 2020.
That update revealed a 24.3% jump in overall sales with solid rises in online and international sales. Underlying after-tax profit more than tripled to $8.4 million from $2.2 million.
Yesterday the company told the ASX that net after-tax earnings for the half-year to December 27 would be as much as $21.5 million, from a low of $19.5 million, which is more than double the $9.5 million for the first half of 2019-20.
Group sales will be up by between $25 to $30 million (to a range of $147 million to $152 million) for the half-year.
“Throughout H1 FY2021, retail trading conditions have continued to be supportive of sales for Beacon Lighting stores,” the company told the ASX.
The trading conditions have been reflected in improved store, online and trade traffic which has resulted in a strong sales performance year to date. Beacon International sales also continue to be exciting for the Beacon Lighting Group.
Commenting on the trading update, Beacon Lighting Group CEO Glen Robinson said in the company the company was “very fortunate to be in a retail category which has seen terrific momentum in a period which has been very difficult for so many businesses in Australia and around the world.
“We continue to offer exceptional customer service and stock availability in periods of high demand and this is a credit to the professionalism of our team.
“Our customers have adapted to the changing conditions and restrictions throughout Australia, with many now using their homes for different purposes.,” he added.
No mention though of any guidance for the rest of the year, although directors did point out that the company 9and presumably other companies as well) faced “potential uncertainty ahead in consumer spending.”
