Strong demand illuminates path ahead for Luceco
A Telford designer and manufacturer of LED lighting products is expected to report results ahead of expectations, driven by consumer demand.
Luceco saw its order intake improve in Q3 bolstered by rising trade and retail orders, which accelerated further in the year’s final quarter.
Despite a “lacklustre macroeconomic environment” in the UK, Luceco expects to report revenue of around £240m, up from £209m in 2023, with adjusted operating profit estimated to be between £28.5m and £29m, compared to £24m last year.
Luceco purchased cable supplier D-Line in February for a deal worth up to £12.4m, with plans to leverage D-Line’s operations in North America to support its growing business.
Commercial wiring accessory provider CMD was also acquired by Luceco for £30m in September, as it looks to offer professional lighting range to CMD’s customer base of specifiers and contractors.
Both acquisitions are reported to be “integrating well,” with the contribution from D-Line described as “especially encouraging”.
The Residential EV Charger division also saw strong growth, with year-on-year gains of around 50%.
John Hornby, CEO of Luceco said: “Luceco performed well in 2024, finishing the year strongly against the backdrop of a lacklustre macroeconomic environment in the UK. As a result, we anticipate reporting Adjusted Operating Profit ahead of market expectations. We look forward to further growth in 2025, hopeful of improved end-market demand, but confident that the Group is well positioned to make solid progress against its strategic objectives.”
