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- Beacon Lighting (BLX) has reported a total sales growth of 15.5 per cent and have seen massive online sales growth of 77.7 per cent compared to last year
- The company said the bump in sales was due to customers spending more time working, educating and completing projects at home
- Group Underlying Net Profit After Tax results in FY20 is expected to be higher than last year’s $16.5 million
- However, the company will have to fork out around $5 million to cover the cost of closing the Beacon Energy Solutions business
- Beacon is up 19.1 per cent on the market this afternoon and is selling shares for $1.19 each
Beacon Lighting (BLX) has had a positive second half of the 2020 financial year, despite the COVID-19 pandemic.
Total sales grew 15.5 per cent and there’s been a massive growth in online sales, which was up 77.7 per cent compared to last year.
These results exclude Beacon Energy Solutions.
The company said the bump in sales was due to customers spending more time working, educating and completing projects at home.
“During these uncertain times, the team members of Beacon Lighting have shown how adaptable they are to the changing circumstances, providing our customers with exceptional service while ensuring all health and safety guidelines are followed,” CEO Glen Robinson said.
“The great results achieved would not have been possible without the efforts of our team and the support of our customer,” he added.
2020 Financial Guidance
With the end of the financial year creeping up, the company said its year to date (July 1 2019 to June 14 2020) sales have grown 7.1 per cent and has seen company stores’ comparative sales grow 6.4 per cent.
The Group Underlying Net Profit After Tax results, excluding Parkinson and Beacon Energy, in FY20 is expected to be higher than last year’s $16.5 million.
Parkinson Distribution Centre sale and Beacon Energy closures
Last year, Beacon announced the sale of the Parkinson Distribution Centre and the closure of Beacon Energy Solutions. The Parkinson centre was sold for $28 million, which realised a cash flow profit before tax of $13.5 million.
With Beacon Energy, the company says the cost to close the business has exceeded the original forecast. The costs will now be approximately $5 million.
Beacon is up 19.1 per cent on the market this afternoon and is selling shares for $1.19 each at 3:35 pm.
