Bright growth for Luceco, even in a dim economy
Luceco has posted a strong performance for 2024, with results coming in “at the upper end of market expectations”.
The Shropshire-based company, which specialises in wiring accessories, EV chargers, LED lighting, and portable power products, saw its revenue increase by 16%, reaching £242.5m.
Despite a “lacklustre UK macroeconomic environment,” CEO John Hornby highlighted the company’s solid growth, pointing out that the revenue increase was driven by a “strong product portfolio and strategic market share gains.”
Adjusted operating profit also rose by 20.8%, reaching £29m. While profit after tax dipped by 12.6%, this was largely attributed to the two acquisitions made during the year.
Luceco purchased cable supplier D-Line in February for a deal worth up to £12.4m.
Commercial wiring accessory provider CMD was also acquired by Luceco for £30m in September.
Hornby continued: We have a strong and evolving product portfolio to meet the expected demand in our high growth target markets of Electric Vehicle charging and Home Energy Management system spaces. I am encouraged by our improving lead market indicators, and our underlying trading since the year-end which leaves us well positioned for further growth as we progress through 2025.”
