23 January 2025
LUCECO PLC - 2024 FULL YEAR
TRADING UPDATE
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Results ahead of
expectations, strong demand in the final quarter.
Well positioned for further
growth in 2025
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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 on trading for the year ended 31 December 2024
("2024").
Q4
2024 Trading
·
The improving trend in order intake experienced in
Q3 accelerated through the final quarter of the year with strong
demand driving organic growth.
·
The strong order book from Q3, combined with
increased trade and retail orders, led to impressive sales growth
at the end of the year in the Group's Residential RMI
divisions.
·
Our Residential EV Charger division also continued
to outperform, with quarterly year-on-year growth of c.50%,
reflecting both a strengthening market and successful new product
launches.
2024 Full Year Results
·
The Group expects to report a full year 2024
performance ahead of market expectations*, with revenue in the
region of £240m (2023: £209m) and Adjusted Operating Profit in the
region of £28.5m - £29.0m (2023: £24.0m).
·
Further progress on Adjusted Operating Margin for
the full year, moving towards c.12.0% (2023: 11.5%) driven by
product mix, operating efficiencies and additional
volume.
·
Despite challenging economic conditions our brands
have performed strongly, delivering Group organic growth of c.5%
for the year (at constant currencies).
·
Both businesses that we acquired in 2024 are
integrating well, with the contribution from D-Line (acquired in
February 2024) especially encouraging. We are pleased with the
progress made to date to realise cost synergies from D-Line and
with the early indications from CMD.
·
The Group's balance sheet remains robust with Bank
Net Debt at 1.7x EBITDA (within our target range of 1.0 - 2.0x)
despite increased working capital requirements commensurate to the
strong trading in Q4.
Commenting on the trading update, Chief Executive Officer,
John Hornby 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."
*Company compiled analyst consensus
as at 22 January 2025 is for full year 2024 revenue of £234.2m
(Analyst Range of £232.8m - £234.6m) and Adjusted Operating Profit
of £26.5m (Analyst Range £26.0m - £27.2m)
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Luceco plc
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Contact
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John Hornby, Chief Executive
Officer
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07817 458804 (Via MHP)
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Will Hoy, Chief Financial
Officer
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MHP
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Contact
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Tim Rowntree
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Ollie Hoare
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07817 458804
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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.