23 July 2024
LUCECO PLC - H1 2024 TRADING
UPDATE
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Strong first half with
healthy revenue and operating profit growth
Improving performance
against a continued challenging market backdrop
Full year expectations
unchanged
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Luceco plc ("Luceco" or "the
Group"), the supplier of wiring accessories, EV chargers, LED
lighting, and portable power products, is pleased to provide the
following update for the six months ended 30 June 2024 ("H1 2024"
or the "first half").
H1
2024 Trading
· The Group has performed strongly in the first half of the
year.
·
H1 2024 revenue grew 8% year on year to c. £109m
(+ c. 3.5% on a like-for-like basis).
· Adjusted operating profit expected to be in the region of
£12.5m, + c. 15% year on year.
· Adjusted operating margin improvement of over 80 basis points
year on year to c. 11.5%.
Balance Sheet
·
Covenant Net Debt : EBITDA ratio at 1.2x remains
at the lower end of our stated target range of 1-2x, despite the
acquisition of D-Line in February 2024.
·
Strong balance sheet and cash flow generation
provides optionality for further organic and M&A opportunities
consistent with the Group's stated capital allocation
policy.
Outlook
· The Board is encouraged by the strong start to the year with
performance expectations for the full year in line with market
expectations.
· We continue to closely monitor the cost of container shipping,
which has recently increased significantly.
·
Key industry metrics remain weak, however, we
remain confident that growth in our core markets will return in the
not too distant future.
Commenting on trading, Chief Executive Officer, John Hornby
said:
"Luceco performed strongly in the first half against a
challenging market backdrop. The Group's diverse portfolio and
channels have ensured that we continue to deliver progress, with
adjusted operating profit up around 15% in H1 2024. Our
acquisition of D-Line, which completed in February 2024, is
expected to add circa £15m of sales this year and has integrated
well into the Group. The balance sheet remains strong with debt
levels towards the lower end of our target range, giving us
flexibility to pursue new organic and M&A opportunities in line
with our indicated capital allocation policy."
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Luceco plc
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Contact
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John Hornby, Chief Executive
Officer
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(Via MHP)
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Will Hoy, Chief Financial
Officer
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(Via MHP)
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|
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|
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MHP
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Contact
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Tim Rowntree
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07817 458804
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Ollie Hoare
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For the purposes of MAR and Article
2 of Commission Implementing Regulation (EU) 2016/1055, this
announcement is being made on behalf of Luceco plc by Will Hoy,
Chief Financial Officer.
Note to Editors
Luceco plc - Bringing Power To Life
Luceco plc (LSE:LUCE) is a supplier
of wiring accessories, EV chargers, LED lighting, and portable
power products.
For more information, please
visit
www.lucecoplc.com.
Forward-looking statements
This announcement contains
forward‑looking
statements that are subject to risk factors associated with, among
other things, the economic and business circumstances occurring
from time to time in the countries, sectors and markets in which
the Group operates. It is believed that the expectations reflected
in these statements are reasonable, but they may be affected by a
wide range of variables which could cause actual results to differ
materially from those currently anticipated. No assurances can be
given that the forward‑looking statements in this announcement will be
realised.
The forward‑looking statements reflect the
knowledge and information available at the date of preparation of
this announcement and the Company undertakes no obligation to
update these forward‑looking statements. Nothing in this announcement should be
construed as a profit forecast.