REG - Luceco PLC - Q1 2025 Trading Update

LucecoAnnouncement

Tue 07:00

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RNS Number : 2992J  Luceco PLC  20 May 2025

20 May 2025

 

 

 

LUCECO PLC - Q1 2025 TRADING UPDATE

 

 

 Solid start to the year with revenue growth of 19% and adjusted operating
 profit up 8%.

 Confident outlook with full year expectations unchanged.

 

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 three months ended 31 March 2025 ("Q1 2025" or the
"quarter") ahead of its Annual General Meeting later today.

 

 

Q1 2025 Trading

 

·    The strong demand for our products experienced through the final
quarter of 2024 continued into the first quarter of 2025.

·    Revenue of £61m is up 19% year-on-year benefitting from acquisitions
made in the prior year, and continuing strong growth for our EV offering.

·    Gross margins remain healthy with stable input prices and improved
manufacturing efficiency.

·    Adjusted operating profit increased 8% year-on-year.

 

 

Balance Sheet and Dividend

 

·    Bank Net Debt : EBITDA ratio of 1.7x which remains within our target
range of 1-2x.

·    The Group is at an advanced stage of refinancing its £120m facility
agreement, to provide ongoing flexibility to invest in the organic growth of
the business and further M&A.

·    The Board has proposed a final dividend of 3.3p, subject to approval
at the AGM today. This final dividend takes the full-year dividend to 5.0p, up
4.2% on the prior year.

 

 

Outlook

·   Tariff impacts are anticipated to be minimal for the Group, as US sales
of China sourced product represented only approximately £4m in 2024.

·   While key industry metrics are mixed we are seeing an improving trend,
spend on home improvement activity has been increasing in the UK.

·   The evolving macro environment suggests we should maintain our cautious
stance, and accordingly the Board's full year expectations remain unchanged.

 

Commenting on trading, Chief Executive Officer, John Hornby said:

 

"The first quarter performance has been pleasing, with momentum maintained
from the end of the prior year. We continue to be encouraged by improving lead
market indicators and a more stable cost environment which means we are well
positioned to deliver profitable growth in 2025. Our strong market position,
cash generation and balance sheet continue to enable us to invest in growth
through new organic and M&A opportunities."

 

 Luceco plc                            Contact
 John Hornby, Chief Executive Officer  07817 458804 (Via MHP)
 Will Hoy, Chief Financial Officer

 MHP                                   Contact
 Tim Rowntree                          07817 458804
 Ollie Hoare

 

 

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
(https://protect.checkpoint.com/v2/___http:/www.lucecoplc.com___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzo5YzNlYjNjNzNjNWM2YzUwNGUzNTVkN2JmOTFjZDlkZjo2OjgyMDQ6M2UyMjA4YzFkZDlmYjg3NDZjYTI0ODNjNjJjOTFkMmE3MWU5YTNjY2QzM2I1MDczM2U0MDhkNWM2OGIyMWY1ODpwOkY6Tg)
.

 

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.

 

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