Beacon Lighting buoyed by home renovations

Lights, lamps and ceiling fans retailer Beacon Lighting says it has been a beneficiary of the renewed focus by households on mini-renovations and sprucing up the home environment, even thoughclimbed by as much as 8 per cent on Thursday afternoon on the ASX after the company signalled that its December-half sales and profits would match those of a year ago, even though the retail sector had been through a torrid time in Sydney and Melbourne, in particular, through extended lockdowns.

He said there had been strong momentum across the retail, trade and e-commerce segments of the business despite it being a difficult time to run a business.Households were continuing to spend on their home at a time when the omicron wave of COVID-19 had brought fresh disruptions to travel plans and more people were staying at home rather than going out to restaurants or pubs.

He said the expected net profit after tax for the December half “appears to be a significant increase to analysts’ expectations”. In the first half of 2020-21, Beacon generated sales of $151.3 million and net profit after tax of $22.2 million.Beacon’s share price has been steadily rising since July 30 when it was languishing at $1.70. The stock jumped 8 per cent to $3.18 after a trading update on Thursday afternoon, before fading slightly.

JB Hi-Fi chief executive Terry Smart said households were spending up on new televisions, computers, small appliances and smart home technology in the pandemic as they continue to “nest” at home and fine-tune home office set-ups in aBunnings owner Wesfarmers earlier this week also signalled the hardware chain was benefiting from home upgrades and renovations.

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