Beacon Lighting (ASX:BLX) share price reaches multi-year high on trading update

Beacon Lighting shares are powering ahead after good news out of the company today. We take a closer look.
The post Beacon Lighting (ASX:BLX) share price reaches multi-year high on trading update appeared first on The Motley Fool Australia. –

The Beacon Lighting Group Ltd (ASX: BLX) share price is powering ahead today after releasing a trading update.

At the time of writing, the retailer’s shares have jumped 3.59% higher to $2.02. At one point, the company’s share price hit an intraday high of $2.10 before some profit taking occurred.

How is Beacon Lighting performing to date?

The share price reaction from Beacon Lighting indicates that investors are pleased with the company’s performance.

According to this morning’s release, Beacon Lighting advised positive trading momentum has continued to run into the second half of FY21.

As a result, the group is anticipating net profit after tax (NPAT) to come in between $35.5 million and $37.5 million. This represents a massive increase from the underlying NPAT achieved in FY20 of $20.4 million.

Beacon Lighting noted that retail trading conditions have had a positive effect on its in-store segment. Pleasingly, both retail and online sales along with management’s diligent cost control has attributed to the robust performance.

However, the company stated that there is still some uncertainty in the general economic recovery. Any adverse material event could derail Beacon Lighting’s profit guidance for the upcoming full year ending 27 June 2021.

Beacon Lighting Group CEO, Glen Robinson touched on the company’s performance saying:

Thanks to our adaptable team and the continued support of our valued customers, Beacon Lighting has been able to achieve outstanding results. During the year, Beacon Lighting has continued to innovate with the latest designs in lighting and ceiling fans, store expansion and formats, service to our trade customers and the online shopping experience. Together with specialist customer advice and great value, the Beacon Lighting team has been able to achieve exceptional results in FY2021.

The company is scheduled to released its full-year audited results on 19 August 2021.

Beacon Lighting share price snapshot

Over the past 12 months, Beacon Lighting shares have accelerated more than 150%, with year-to-date performance sitting close to 20%. The company’s share price reached a multi-year high of $2.10 today before pulling back slightly.

Based on today’s price, Beacon Lighting presides a market capitalisation of roughly $448 million, with approximately 223 million shares outstanding.

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The post Beacon Lighting (ASX:BLX) share price reaches multi-year high on trading update appeared first on The Motley Fool Australia.

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