REG - Luceco PLC - 2025 Full Year Results
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RNS Number : 9813X Luceco PLC 25 March 2026
25 March 2026
LUCECO PLC - 2025 FULL YEAR RESULTS
Continued momentum in Energy Transition drives 2025 profit growth and strong
outlook
2026 earnings expected ahead of market consensus
Luceco plc, the leading designer and manufacturer of residential and
commercial electrification products and systems,
today announces its audited results for the year ended 31 December 2025
("2025" or "the year").
2025 Summary Results
Year ended 31 December 2025 2025 2024 Change (%)
(£m unless otherwise stated)
Revenue 271.4 242.5 +11.9%
Adjusted Results(1)
Adjusted operating profit 33.8 29.0 +16.6%
Adjusted profit before tax 27.8 24.9 +11.6%
Adjusted profit after tax 22.6 19.2 +17.7%
Adjusted basic earnings per share 15.0p 12.5p +20.0%
Statutory Results
Operating profit 31.6 23.2 +36.2%
Profit before tax 24.7 18.9 +30.7%
Profit after tax 20.3 14.6 +39.0%
Basic earnings per share 13.5p 9.5p +42.1%
Metrics
Adjusted(1) operating margin % 12.5% 12.0% +0.5ppts
Bank net debt 52.3 68.6 (23.8)%
Bank net debt : EBITDA(2) 1.2x 1.6x (0.4x)
Adjusted(1) free cash flow 30.4 3.5 +768.6%
Proposed full year dividend per share 6.0p 5.0p +20.0%
1. The definitions of the adjustments made and reconciliations to the
reported figures can be found in note 1 of the consolidated financial
statements
2. Includes pro-forma adjustment for EBITDA of acquired businesses, as
shown in note 1 of the consolidated financial statements
Performance highlights
Excellent progress in 2025 with strong second half acceleration
· Revenue up 11.9% to £271.4m and like-for-like revenue up 4.6% on
the prior year
o EV charging sales up 84.7% in the year to £18.1m (2024: £9.8m)
o Continued solid performance in core products with growth in Wiring
Accessories and LED Lighting up c.2% in the year
· Second half like-for-like growth of over 6.7%, representing an
acceleration over the 2.0% like-for-like revenue growth in the first half
· Adjusted Operating Profit of £33.8m, up 16.6% year on year
(2024: £29.0m)
o Three-year CAGR above 15% driven by continued momentum from the Energy
Transition
· Adjusted Operating Profit margin continuing to grow each year, up
50 basis points to 12.5% (2024: 12.0%)
· Adjusted Operating Profit has increased from £22.0m in FY22 to
£33.8m in FY25
Significant cash flow generation and strong balance sheet position the Group
for further investment in growth
· Adjusted Free Cash Flow of £30.4m which benefited from working
capital inflows, reversing the working capital outflow from 2024, with average
cash generation of £20.3m over the last five years
· Bank Net Debt at £52.3m, 23.8% lower than the prior year (2024:
£68.6m)
· Bank Net Debt : EBITDA leverage of 1.2x (2024: 1.6x) comfortably
within our target range of 1.0x to 2.0x
· Group perfectly placed for opportunities to invest in both
organic and bolt-on M&A activities, in line with the Group's capital
allocation policy
· Proposed full year dividend increased by 20.0% representing
earnings cover of 2.5x, consistent with the Group's dividend policy
Outlook
Strong momentum into 2026, with Energy Transition revenues providing
additional upside to expectations
· The momentum from the end of 2025 has continued through the first
quarter of 2026, with like-for-like double-digit revenue growth for the first
two months of 2026. This has been driven by strong performances in the
majority of our product categories, channels and territories
· While the Board remains mindful of recent global economic
disruption, the impact of the conflict in the Middle East is not yet known and
the Group is well placed to manage its operations with appropriate resilience
and contingency measures
· The impact of growth with the benefit of operationally leveraged
manufacturing and distribution; investments in manufacturing efficiency; and
delivery of acquisition synergies, support further operating margin
progression
· The Energy Transition product category has continued to
materially outperform new EV sales in the UK. We have also started to
generate revenue from the participation of EV chargers in Demand
Flexibility. We have a large installed base of chargers, more than 10,000 of
which are generating this revenue today, and there is significant potential
upside to profit as more are enrolled, subject to an evolving regulatory
framework and uncertain end-user response rates
· The Board now expects Adjusted Operating Profit for 2026 to
exceed £37m, with the potential for further significant outperformance
dependent on Demand Flexibility
Commenting on the results, Chief Executive Officer, John Hornby said:
"We delivered another strong performance in 2025, with momentum building
through the year, again demonstrating the Group's ability to deliver compound
growth. Our Energy Transition offering continues to scale rapidly, with EV
charging sales up 85%, providing us with a significant installed base across
the UK, while our core categories delivered steady, resilient and cash
generative growth.
Our competitive advantages in channel reach, new product innovation,
integrated manufacturing, and ability to organically fund disciplined M&A
position us well to deliver continued profitable growth across our established
categories and our expanding role in the Energy Transition. Given the Group's
continued momentum and strong start to 2026 we are upgrading expectations for
the full year."
* Analyst consensus at 24 March 2026, full year 2026 Adjusted Operating Profit
range of £34.7m to £36.5m
Results presentation
A meeting for analysts will be held at 9:30am GMT today, Wednesday 25 March
2026 at the offices of Peel Hunt, 100 Liverpool Street, London, EC2M 2AT. To
register to attend please email luceco@client.sodali.com
(mailto:luceco@client.sodali.com) . To register to watch a live webcast of the
meeting, please follow this link:
https://brrmedia.news/LUCE_FY26 (https://brrmedia.news/LUCE_FY26)
Luceco plc Contact
John Hornby, Chief Executive Officer (Via Sodali & Co)
Will Hoy, Chief Financial Officer
Sodali & Co Contact
+44(0) 79 3535 1934
James White luceco@client.sodali.com (mailto:luceco@client.sodali.com)
Pete Lambie
Tilly Abraham
For the purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055 as it forms part of the domestic law of the UK by virtue of the
European Union (Withdrawal) Act 2018, 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 leading designer and manufacturer of residential
and commercial electrification products and systems. The Group designs and
manufactures its market-leading range of wiring accessories, EV chargers, LED
lighting, and portable power products at its state-of-the-art manufacturing
facilities, distributing them through professional, wholesale and retail
channels.
Luceco plc ("Luceco", "the Group" or "the Company").
For more information, please visit www.lucecoplc.com
(http://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.
Use of alternative performance measures
The commentary in both the Chief Executive Officer's and Chief Financial
Officer's Reviews uses alternative performance measures, which are described
as "Adjusted". Definitions of these measures can be found in note 1 of the
consolidated financial statements. The measures provide additional information
for users on the underlying performance of the business, enabling consistent
year-on-year comparisons.
Chief Executive's review
Performance highlights
I am pleased to report that in 2025 we once again delivered meaningful
progress against our strategy and saw these steps drive an acceleration in our
financial performance. We set out to deepen our exposure to structurally
growing Energy Transition markets, further strengthen our core categories, and
convert operational discipline into sustainable margin progress. We delivered
on those aims, whilst taking market share.
Revenue increased by 11.9% to £271.4m (2024: £242.5m), as we benefited from
a full year of ownership of both D-Line and CMD alongside delivery of 4.6%
like-for-like growth, which was driven by 84.7% growth from Energy Transition
products. Top-line growth alongside strong profit conversion enabled us to
exceed market expectations in delivering Adjusted Operating Profit of £33.8m
(2024: £29.0m).
Free cash flow generation of £30.4m (2024: £3.5m) was particularly strong.
Having been impacted by a need to carry additional inventory in 2024 in
response to events in the Red Sea, it was pleasing to be able to reduce our
working capital as planned in 2025, as supply chain constraints normalised. As
a result, we were able to reduce our Bank Net Debt leverage to 1.2x,
comfortably within our target range of 1.0-2.0x, enabling us to invest in the
business to drive further growth organically as well as giving us good
optionality for further M&A. We remain focused on product availability,
which is a key requirement of our customer base, but we are happy with our end
of year Bank Net Debt position of £52.3m (2024: £68.6m).
It was encouraging to see like-for-like revenue growth stepping up in the
second half as we predicted, reflecting improving demand signals, the impact
of new products, and disciplined execution throughout the business. This
strong sales momentum entering 2026 alongside our increasingly significant
exposure to structural growth in the Energy Transition sector underpins our
confident outlook for the future.
Performance delivery achieved through sustainable competitive advantages
Our 2025 performance was the result of sustainable competitive advantages that
the Group has built consistently over many years. Our integrated design and
manufacturing model continues to be a significant source of value creation.
Our well-invested facility in China enables faster product development and
consistent product quality while also delivering cost and efficiency
advantages that are difficult to replicate.
Over the course of the last two years, we have refreshed our management team
in China and this has yielded significant improvements in both internal
quality and procurement savings. These lean practices combined with a 10.9%
increase in volumes delivered by the China factory in 2025 created the
operational leverage required to convert our strong order book to profit and
cash, supporting another year of adjusted operating margin expansion to 12.5%
(2024: 12.0%).
The breadth and depth of our channel relationships also played a critical role
in our progress. We have invested over many years in building strong
partnerships with retailers, wholesalers, installers, contractors and project
stakeholders. These relationships enable us to maintain visibility of customer
needs, respond quickly to changes in demand and bring new products to market
with speed and confidence.
UK performance
In the UK we delivered strong performances across each of our sales channels.
· Hybrid and Retail sales channels grew 5.0% on a like-for-like
basis, supported by new product launches and robust end consumer demand that
drove an order book that consistently grew as we moved through the year.
· Our UK Professional Wholesale channel saw significant structural
like-for-like growth of 11.0% as our strong relationships enabled us to
seamlessly integrate our growing range of Energy Transition products into this
already mature channel.
· Finally, our predominantly LED focused Professional Projects
channels grew 3.5% in the UK, following an excellent performance in DW Windsor
and another good year for our internal LED Lighting Projects team, which has
consistently grown at above-market rates since its creation, supported by a
strong product portfolio and an excellent sales team.
International performance
Following a strong prior year comparative period, our international business
encountered difficult trading conditions created by evolving tariff and trade
arrangements in international markets. Trading conditions for our Mexico
business were particularly challenging, though following some self-help
measures performance stabilised in the second half.
Our European business continues to grow and is set to benefit from increased
integration with D-Line.
Our Dubai business grew 28.0% in 2024, and although this was difficult to
replicate in 2025, the business exited the year in a stronger position and is
well placed as we enter 2026, we will continue to monitor the Middle East
situation.
Our international businesses remain a key part of our strategy, providing
further opportunities to scale through our existing product portfolio, whilst
also presenting opportunities to grow our acquired brands overseas. We look
forward to the opportunities these businesses present moving forwards.
Our product development capability has always been an important differentiator
for the Group and in recent years it has become even more central to our
growth story. In 2025 we further invested in our development teams,
particularly in China where we now have 96 heads on-site at our manufacturing
facility focused on developing products that will drive future growth. Not
only did we see significant developments in our Energy Transition portfolio
through the launch of our HEMs platform and our patented Sync Energy Link EV
charger, but we also enhanced our core ranges.
Our internal LED product ranges were supported by the launch of our commercial
lighting controls system which powered the growth we saw in this team in 2025.
Furthermore, our external LED lighting product portfolio has been enhanced,
including release of our new solar lighting ranges in DW Windsor, which saw
5.3% sales growth in 2025. Our BG electrical range is also evolving as
electrification of the home is driving a need for larger and more complex
circuit protection solutions, which are able to integrate with solar PV
systems either now or in the future. We are fulfilling this need through our
new range of DC Isolators and Dual-row consumer units, sold under our trusted
BG electrical brand and backed by a ten-year guarantee. Finally, we are taking
steps to use our well‑recognised Masterplug brand to extend our reach within
the Retail channel through our new range of "SmartEnergy" heating solutions,
which give consumers greater control of their home energy usage. Overall,
these product launches supported our second half performance and will continue
to support our ambitions in 2026.
Over the past five years, the Group has generated a total of £101.4m of free
cash, demonstrating the resilience of our operating model through varied
market conditions. Our ability to convert profit into cash, supported by
vertical integration, effective working capital management and a consistent
focus on margin quality, has enabled us to effectively self-fund £65.7m of
M&A over the same time period.
Our most recent acquisitions, D-Line and CMD, are strong businesses with
significant potential for improvement as part of the Luceco Group. Integration
is progressing well, with sourcing efficiencies and operational synergies
beginning to flow through. These acquisitions broaden our channel reach,
deepen our product expertise and enhance our ability to cross sell across
trade, retail and project customers. Their successful integration demonstrates
our disciplined approach to M&A and our ability to deliver synergistic
growth.
Taken together, these competitive advantages shaped the performance of the
Group in 2025 and reinforced our belief that the Group is well positioned to
benefit from the structural forces shaping the long-term evolution of our
markets.
Structural opportunities from electrification
The electrification of homes, businesses and transport systems represents one
of the most significant transitions taking place in the global economy, with
the International Energy Agency ("IEA"), forecasting a 3.9% annual increase in
global electricity consumption to 2027. This transition is being driven by
economic, regulatory and environmental forces that are expected to intensify
over the medium to long term. It presents substantial opportunities for
companies with the capabilities required to develop relevant products, deliver
them at scale and support them through strong commercial channels. We are well
positioned to participate in key areas of this transition.
Electrification of transport gathered pace in 2025, with sales of EVs in the
UK increasing 23.9%, according to the Society of Motor Manufacturers and
Traders. As EVs become more widely adopted, households, workplaces and public
spaces will require reliable, safe and effective charging infrastructure. This
is creating demand for integrated hardware and software solutions that support
flexibility and control. Our performance in EV charging during the year
confirms that we have developed a credible and competitive proposition that
aligns with customer expectations in both residential as well as commercial
markets, including being awarded the contract to supply EV chargers for
Centrica-owned Hive, the UK's largest eco-tech brand, in 2025.
Luceco's EV charger product category demonstrates the Group's sustainable
competitive advantages: acquired in 2022, the business has subsequently
benefited from Luceco's product development capabilities, vertically
integrated manufacturing, and superior channel access. Sync Energy is now one
of the leading EV charger brands in the UK.
As consumer demand for electricity increases, driven by the electrification of
transport and heating, and the generation mix moves further towards less
predictable renewable sources, the energy system will face a growing need to
adjust demand to match supply and carrying capacity of the grid. At the end of
2024, changes were made to the code underpinning electricity trading
arrangements in Great Britain, creating a regulatory framework to incentivise
flexibility of distributed assets like EV chargers ("Demand Flexibility").
Luceco has developed its own Sync Energy smart charging software platform, and
successfully achieved the necessary metering certification for its hardware,
to enable participation of chargers on its platform in Demand Flexibility. The
nascent revenue stream relating to Demand Flexibility in 2025 was immaterial,
but is becoming progressively more meaningful as we move through 2026, which
gives us the confidence to upgrade our expectations for the current, and
subsequent financial years.
While Demand Flexibility is expected to offer a sustainable, long-term
opportunity, the regulatory framework - which determines the economics of
participation - is likely to tighten in the short to medium term as this new
market becomes more established. It is important to note that the Board had
little visibility on the timing or nature of this. At this stage, we are
assuming the economic benefits mature over the next 12-24 months, becoming a
more predictable, recurring and considerable long-term revenue stream for the
Group.
Electrification within the home is also accelerating. As solar generation,
battery storage and dynamic energy tariffs become more accessible, homeowners
are increasingly seeking systems that allow them to optimise how they consume,
store and schedule energy. This presents an opportunity to provide intuitive,
integrated systems that make this complexity simple for consumers. The launch
of our HEMs platform provides us with an entry point into this growing market.
By integrating smart batteries, hybrid inverters and energy controls, HEMs
provides customers with a solution that enhances comfort, reduces cost and
supports sustainability goals.
In commercial and public spaces, the demand for energy efficient solutions
continues to rise. This includes more efficient lighting, improved control
systems and products that help reduce total cost of ownership. As
organisations continue to focus on carbon reduction, operational efficiency
and lifecycle cost benefits, demand for lighting and power solutions that
support these objectives is expected to grow. Our connected and efficient
lighting ranges position us well to support these needs.
The evolution of regulation also supports long-term demand. During the past
year, the UK Government removed planning requirements for most EV charger
installations, expanded permitted development rights for heat pumps, and
advanced the Future Homes Standard, which is expected to phase out
fossil‑fuel heating in new homes over time. Requirements for EV charging
infrastructure have also tightened, with every new home in the UK with parking
now being required to have an EV charge point and new commercial buildings
with more than 10 parking spaces needing to have one active EV charger.
Whether through building standards, wiring regulations or incentives designed
to accelerate the adoption of clean energy technologies, we expect regulation
to continue reinforcing the structural drivers behind electrification. The
Group has historically benefited from such regulatory developments within
ranges such as circuit protection, and our product roadmap ensures that we can
continue to serve customers as standards evolve.
These structural opportunities align closely with our strengths. Our brands,
channels and technical capabilities enable us to deliver products that meet
both the functional and aesthetic needs of our customers. Our vertically
integrated manufacturing provides the cost and efficiency advantages necessary
to compete effectively in these markets. Our innovation capability ensures
that we can continue to develop relevant solutions at the speed required to
stay ahead of market developments. As the electrification transition
continues, these strengths place us in a favourable position to capture
long‑term growth.
How our clear strategy positions us to win
Looking ahead, we have a clear, measurable strategy that will ensure the Group
captures the growth opportunities presented by the Energy Transition while
maintaining strong positions in our core categories. The strategy is built
around four priorities that work together to support sustainable, profitable
growth.
We will grow our presence in higher growth product segments
During the year, we significantly expanded our participation in the Energy
Transition sector with 84.7% growth across these product lines. These
categories are expected to grow at a faster rate than the broader electrical
products market over the long term. At maturity demand for EV charger
installations is estimated to be 6x the market in 2025 and the emerging HEMs
market provides additional opportunities. Our early traction in this market
gives us confidence that we have the capabilities required to compete
successfully in both residential and commercial applications. We will continue
to invest behind these categories, focusing on product development, channel
expansion and partnerships that enhance
our reach and relevance.
We will enhance our existing market position across our core categories
Our brands hold strong positions in wiring accessories, portable power and LED
lighting, supported by consistent execution, high service levels and strong
customer relationships. We regularly review EPOS data supplied by our
customers, giving us clear insight into how our products are performing with
end consumers. We have been particularly encouraged by the consistent growth
seen in this data over the last two years. In 2026, we will continue to take a
disciplined approach to pricing and availability, ensuring that our products
remain competitive and accessible. These actions will help us maintain
relevance across our major channels and reinforce the strength of our core
business.
We will expand the breadth and depth of our product ranges
Our innovation agenda is focused on solving real customer problems and
ensuring that our products integrate seamlessly within systems. This includes
expanding our portfolio of connected products, enhancing ease of installation
for installers, and ensuring that our products meet the needs of increasingly
sophisticated end users. Our new Sync Energy Link EV charger is a clear
example of this approach. Its innovative two‑part, patent‑approved design
meets the growing demand for chargers that blend seamlessly into modern living
spaces while still offering the same smart technology and access to our own
proprietary Sync Energy App. In 2026, we will further expand the breadth and
depth of our product range as well as their supporting software and App
integration and look forward to this innovation fuelling future organic
growth.
We will deliver synergistic growth through disciplined integration of
acquisitions and continued operational improvement
The acquisitions of CMD and D-Line in 2024 added scale and capability in cable
management, commercial power distribution and value-added accessories. In
2025, we made good progress in integrating both businesses, embedding them
within our Wiring Accessories segment, aligning their sourcing and channel
strategies with the Group, and beginning to realise the early synergy
benefits. We have commenced consultation on the consolidation of D-Line's UK
facility, which is expected to simplify operations and support margin
progression. At CMD, early production synergies have already begun to flow
through inventory.
Outlook
The momentum from the end of 2025 has continued through the first quarter of
2026, with like-for-like double-digit revenue growth for the first two months
of 2026. This has been driven by strong performances in the majority of our
product categories, channels and territories.
While the Board remains mindful of recent global economic disruption, the
impact of the conflict in the Middle East is not yet known and the Group is
well placed to manage its operations with appropriate resilience and
contingency measures.
The impact of growth with the benefit of operationally leveraged manufacturing
and distribution; investments in manufacturing efficiency; and delivery of
acquisition synergies, support further operating margin progression.
The Energy Transition product category has continued to materially outperform
new EV sales in the UK. We have also started to generate revenue from the
participation of EV chargers in Demand Flexibility. We have a large
installed base of chargers, more than 10,000 of which are generating this
revenue today, and there is significant potential upside to profit as more are
enrolled, subject to an evolving regulatory framework and uncertain end-user
response rates.
JOHN HORNBY
Chief Executive Officer
24 March 2026
Chief Financial Officer's review
Summary of reported results
Summary results (£m) Reported 2025 Reported
2024
Revenue 271.4 242.5
Operating profit 31.6 23.2
Profit before tax 24.7 18.9
Taxation (4.4) (4.3)
Profit for the period 20.3 14.6
Operating profit of £31.6m was £8.4m higher than 2024 as a result of strong
performance from both organic and acquisition activity.
Alternative Performance Measures and adjusting items
Certain alternative performance measures ("APMs") have been included within
this report. These APMs are used by the Board to monitor and manage the
performance of the Group, in order to ensure that decisions taken align with
the Group's long-term interests. A table summarising the reconciliation of
adjusted measures to statutory measures is included in note 1 of the
consolidated financial statements.
The following adjusting items were applied in the year:
• Amortisation of acquired intangibles: £3.3m (2024: £2.3m) and
acquisition-related costs of £0.7m (2024: £3.8m)
• Fair value movements of hedging portfolio which have not completed in the
period which was a £1.8m credit (2024: £0.3m credit)
• Interest rate swap costs of £0.4m (2024: £0.2m) and bank debt
refinancing fees of £0.5m (2024: nil)
Adjusted Operating Profit for the year was therefore £33.8m (2024: £29.0m)
and Adjusted Profit Before Tax was £27.8m (2024: £24.9m).
Income statement
Revenue
Revenue bridge: £m Change %
2024 242.5
Acquisitions/closures 21.0 +8.7%
Like-for-like increase(1) 11.1 +4.6%
Constant Currency(2) 274.6 +13.2%
Currency movements (3.2) (1.3)%
TOTAL 271.4 +11.9%
1. Like-for-like revenue increase excludes the impact of currency
movements and acquisitions.
2. 2025 revenue translated at 2024 exchange rates.
Revenue of £271.4m was £28.9m (11.9%) higher than 2024 with particularly
strong revenue in the second half of the year, after a slow start in quarter
one. Like-for-like revenue, excluding the impact of currency and acquisitions,
increased by £11.1m or 4.6% in the year. The second half like-for-like
revenue increased by £8.9m or 6.7%, compared to 2.0% like-for-like growth in
the first half. Products sold relating to the Energy Transition have been key
to the underlying growth with £18.1m of sales from EV chargers, which is an
increase of 84.7%.
The Group performed strongly, like-for-like, in the Residential markets with
results up 4.7% and in the non-residential and infrastructure markets up by
4.3%. Based on the data from the Construction Products Association ("CPA"),
the market was expected to be flat in 2025, which compares to our overall
like-for-like increase of 4.6%.
We group our customers into the following sales channels:
· Retail: Distributors serving consumers only, including DIY sheds,
pure-play online retailers and grocers
· Hybrid: Distributors serving both consumers and professionals,
typically with multi-channel service options
· Professional Wholesale: Distributors serving professionals only,
largely via a branch network
· Professional Projects: Sale agreed by Luceco direct with
professionals, but largely fulfilled via Professional Wholesale
Performance by sales channel was as follows:
Like-for-like revenue by sales channel: 2025 2025 2024 Change vs 2024 %
£m % of total % of total
Retail 72.3 28.5% 26.4% (0.8)%
Hybrid 54.9 21.7% 21.9% +11.4%
Professional Wholesale 64.4 25.4% 26.1% +8.4%
Professional Projects 62.0 24.4% 25.6% +1.4%
Like-for-like revenue 253.6 100.0% 100.0% +4.6%
Currency impact (3.2)
Acquisitions/closures 21.0
TOTAL 271.4 +11.9%
Our Hybrid and Retail channels combined represent half of the Group's revenue
and on a like-for-like basis grew by 4.1%, with strong volume growth in
particular from electrical wiring products and EV chargers. The Professional
channel, including both Wholesale and Projects, grew by 5.1% overall in the
period, with strong growth in EV chargers.
Revenue by geographical location of customer: 2025 2024 Change vs
£m £m 2024 %
UK 214.6 184.2 +16.5%
Europe 24.1 21.5 +12.1%
Americas 20.1 22.5 (10.7)%
Middle East and Africa 9.4 10.3 (8.7)%
Asia Pacific 3.2 4.0 (20.0)%
Total revenue 271.4 242.5 +11.9%
Revenue by geography and location of the customer highlights the importance of
the UK market - representing just less than 80% of revenue for the Group and
growing by a significant 16.5% during the period, aided by CMD and D-Line.
During the year, the growth of the European customer base has been encouraging
with growth of 12.1%. The impact of tariffs has had a minor impact on the
Americas customer base - but Americas represents less than 9% of the Group's
total revenue.
Profitability
Adjusted Operating Profit of £33.8m for 2025 was £4.8m ahead of 2024. The
key drivers were as follows:
Bridge from Bridge from
Adjusted Operating profit 2024 2023
£m £m
2024/2023 29.0 24.0
Acquisitions/closures 2.6 1.9
Organic increase/(decrease)(1) 2.2 3.1
2025/2024 33.8 29.0
1. Organic movements exclude the impact of acquisitions.
The net impact of acquisitions and closures was £2.6m, which reflects the
acquisitions of D-Line and CMD during 2024. Overall Adjusted Operating Profit
grew by £2.2m on an organic basis, which is a strong result given our
investment during the year into the Energy Transition. Operating costs
increased by £11.4m, of which £6.6m was acquisition related, with the
balance of £4.8m due to wage inflation and investment in Energy Transition
related activity.
Net finance expense
Adjusted Net Finance Expense increased by £1.9m, reflecting an increase in
our facility which was signed in May 2025 for £120m expiring in May 2028, and
is in place to support the Group's acquisitions and working capital
requirements as the Group grows. The Group has an option for a further two
years which would then expire in May 2030.
Taxation
The effective tax rate on Adjusted Profit Before Tax decreased from 22.9% to
18.7% in 2025 as a result of recognition of a deferred tax asset in relation
to US losses from prior years.
Adjusted Free Cash Flow
Adjusted(1) Adjusted(1) 2024
Adjusted Free Cash Flow (£m) 2025
Operating profit 33.8 29.0
Depreciation and amortisation 9.3 7.9
EBITDA 43.1 36.9
Changes in working capital 5.3 (17.2)
Other items 1.2 2.0
Operating Cash flow 49.6 21.7
Operating cash conversion(2) 146.7% 74.8%
Net capital expenditure (8.6) (7.8)
Interest paid (6.0) (4.1)
Tax paid (4.6) (6.3)
Free Cash Flow 30.4 3.5
Free Cash Flow as % Revenue 11.2% 1.4%
1. A reconciliation of the reported to Adjusted results is shown
within note 1.
2. Adjusted Operating Cash Conversion is defined as Adjusted
Operating Cash Flow divided by Adjusted Operating Profit.
The Group's Adjusted Free Cash Flow of £30.4m in the period was £26.9m
better than the prior year due to the anticipated reversal of the working
capital outflow seen in 2024, higher operating profit and lower tax payments.
Capital expenditure
The Group's net capital expenditure consists of capitalised product
development costs and the purchase of physical assets. Capex was £8.6m (2024:
£7.8m) and represented 3.2% of revenue (2024: 3.2%) which is in our target
range of 3‑4%. We continue to see opportunities to invest in low risk, high
return automation projects in our Chinese production facility and continue to
invest in R&D projects, particularly in relation to acquired businesses.
Capital structure and returns
Return on capital
Return on Capital Invested was in line with the prior year at 20.2% (2024:
20.2%) which remains on our target range of 20% or higher. As previously
flagged, our returns will naturally moderate as Luceco PLC transitions from a
Group created organically to one growing via M&A as well (with its
required investment in goodwill).
Capital structure
The business continues to consistently generate ample cash flow to support its
dividend policy and fund M&A activity.
£m 2025 2024 Change
Reported net debt £59.9m £75.1m (20.2)%
Less: IFRS 16 finance leases (£8.0m) (£7.2m) +11.1%
Finance Leases - pre-IFRS 16 £0.4m £0.7m (42.9)%
Bank Net Debt £52.3m £68.6m (23.8)%
Bank Net Debt : Bank EBITDA 1.2x 1.6x (25.0)%
The Group's non‑utilised facilities totalled £68.7m. The Group signed a
£120.0m facility on the 21 May 2025 which expires in May 2028 but has the
optionality of extending further by two years to May 2030.
The Company's covenant position and headroom at 31 December 2025 was as
follows:
2025 covenant position Covenant Actual Headroom
Bank Net Debt : Bank EBITDA 3.0 : 1 1.2 : 1 Bank Net Debt headroom: £68.7m
Bank EBITDA headroom: £27.6m
Bank EBITDA : Adjusted Net Finance Expense 4.0 : 1 7.5 : 1 Bank EBITDA headroom: £21.0m
Net Finance Expense headroom: £5.3m
The key measures which management use to evaluate the Group's use of its
financial resources and capital management are set out below:
2025 2024
Adjusted(1) Earnings Per Share (pence) 15.0 12.5
Bank Net Debt : Bank EBITDA (times) 1.2x 1.6x
Adjusted(1) Free Cash Flow (£m) 30.4 3.5
1. Note 1 provides an explanation of the Group's alternative
performance measures.
The Group complied with its covenant requirements throughout the year with
significant headroom on all metrics. The Group has conducted a full going
concern review and this is outlined on page 138 of the Annual Report and
Accounts. The Group has a strong balance sheet and significant facility
headroom under even a severe but plausible downside scenario. No covenant
breaches occur in any of our severe but plausible downside scenarios, all of
which are before any mitigating actions, illustrating our financial
resilience.
Dividends
The Board is proposing to pay a final dividend of 4.2p, taking the full‑year
dividend to 6.0p, representing a payout of 40% of earnings. If approved at the
Annual General Meeting, the final dividend will be paid on 22 May 2026 to
shareholders on the register on 10 April 2026. The ex-dividend date will be 9
April 2026.
Operating segment review
The revenue and profit generated by the Group's operating segments are shown
below. Operating profits are stated after the proportional allocation of fixed
central overheads.
Wiring Accessories
Adjusted(1) Reported
2025 2024 Change 2025 2024 Change
Revenue £131.4m £108.9m +20.7% £131.4m £108.9m +20.7%
Operating profit £19.4m £19.1m +1.6% £18.1m £14.9m +21.5%
Operating margin % 14.8% 17.5% (2.7)ppts 13.8% 13.7% +0.1ppts
1. A reconciliation of the reported to Adjusted results is shown
within note 1 of the Annual Report and Accounts.
Wiring Accessories is the Group's most profitable segment, generating 57% of
the Group's operating profit and 48% of its revenue, under a brand established
over 80 years ago.
Sales into the Wiring Accessories segment were £131.4m, which was a
significant increase of 20.7% over 2024, largely driven by the Hybrid and
Retail channels. Additionally, this segment includes the acquired businesses
of CMD and D-Line. The Adjusted Operating Margin was 14.8% (2024: 17.5%) which
is margin enhancing to the Group's overall 12.5% rate.
LED Lighting
Adjusted(1) Reported
2025 2024 Change 2025 2024 Change
Revenue £79.3m £78.4m +1.1% £79.3m £78.4m +1.1%
Operating profit £6.3m £4.1m +53.7% £5.3m £2.7m +96.3%
Operating margin % 7.9% 5.2% +2.7ppts 6.7% 3.4% +3.3ppts
1. A reconciliation of the reported to Adjusted results is shown within
note 1 of the Annual Report and Accounts.
The Group entered the lighting market in 2013 as the industry adopted LED
technology and it now represents 32% of Group revenue.
Revenue was up on the prior year by 1.1% despite challenges in the
infrastructure channel. Adjusted Operating Profit has improved year-on-year
with various initiatives across the Group streamlining our business. Demand
remains particularly strong in the Professional Projects space, as demand for
energy-saving retrofits within the non-residential and infrastructure sectors
continues to grow.
Portable Power
Adjusted(1) Reported
2025 2024 Change 2025 2024 Change
Revenue £60.7m £55.2m +10.0% £60.7m £55.2m +10.0%
Operating profit £8.1m £5.8m +39.7% £8.2m £5.6m +46.4%
Operating margin % 13.3% 10.5% +2.8ppts 13.5% 10.1% +3.4ppts
1. A reconciliation of the reported to Adjusted results is shown
within note 1 of the Annual Report and Accounts.
The Portable Power segment consists of two main elements:
· Energy Transition products under the Sync Energy and Masterplug
brands
· Cable reels, extension leads and associated accessories sold
under the Masterplug brand
The business generated 23% of Group revenue and 24% of Group Adjusted
Operating Profit which is an increase on the prior year. Revenue increased by
a significant 10% in the period with strong performance from our Energy
Transition products which was partly offset by more challenging conditions in
the traditional Portable Power segment.
Energy Transition revenue from EV chargers totalled £18.1m, a growth rate of
84.7% in the period, which is a fantastic result. We remain excited about the
opportunities, in both retail and commercial spaces, that this new sector will
provide as the vehicle market moves towards electrification.
Going concern
The Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future and
as such have applied the going concern principle in preparing the Annual
Report and Financial Statements. This is considered in more detail in note 1
of the consolidated financial statements. The Group's Viability Statement can
be found on pages 67 to 68 and the Group's Going Concern Statement can be
found on page 138 of the Annual Report and Financial Statements.
WILL HOY
Chief Financial Officer
24 March 2026
Environmental, Social and Governance ("ESG") update
We continue to make progress on our ESG workstreams:
· We committed to the Science Based Targets Initiative (SBTi) and this
was validated by the SBTi during the first half of the year. This means we
have committed to reductions in carbon emissions over the near-term consistent
with the Paris Agreement
· Achievement of an improved management-level score ("A-") attained in
December 2025 from the Carbon Disclosure Project, this would put our score in
the top 5% of the Small Cap index
· We have delivered significant progress against our low carbon product
revenue target and continue to work towards £120m of such revenue
· We continue to improve our packaging specifications, particularly
around plastic packaging.
Key achievements by area
Products and services
· £92m of revenue from low carbon product categories in full year
2025, delivering significant progress against our £120m low carbon product
revenue target for 2030
· 3.5-fold increase in revenue from the sale of lighting control
devices into lighting projects in full year 2025
Supply Chain
· Insourcing of EV charger production within our China manufacturing
facility with 100% renewable electricity supply
· Evaluation of key suppliers' physical climate risk exposure to
understand vulnerabilities within our supply chain
Research and Development
· Specialist R&D function in China and the UK
· Development of higher power, three-phase EV chargers for larger homes
and commercial premises
· Investigating on-street EV charging solutions within DW Windsor
· Dedicated optical engineer focusing on improvements to lens design to
improve lighting efficiency
· Working towards the development of environmental product declarations
(EPD) and industry best practise on circular design in lighting
Operations
· Sourced renewable electricity for all group operations for 2025 and
2024, bringing our scope 2 emissions to zero.
· Offsetting residual Scope 1 emissions for 2025 and 2024
· Investment into energy efficiency and automation projects within the
China manufacturing facility including investment in our second solar PV array
· Evaluation of our key locations (manufacturing and distribution
centres) to better understand physical climate risk exposure to understand
vulnerabilities across direct operations
· All plastic packaging is recyclable with a minimum 30% recycled
content
· Installation of EV chargers in our Telford operation
Our ESG objectives for 2026 are as follows:
· Continue growth in EV markets, across all business divisions
· Grow HEMs product sales
· Improve our EcoVadis score and maintain CDP A- score
· Grow solar product sales across all group sales channels
· Fully incorporate the recent acquisitions of CMD and D-Line into our
science-based targets and revalidate targets
Principal risks and uncertainties
The Board is responsible for identifying, reviewing and managing business and
operational risk. It is also responsible for determining the level of risk
appetite it is prepared to take in the ordinary course of business to achieve
the Group's strategic objectives and to ensure that appropriate and sufficient
resource is allocated to the management and mitigation of risk.
In addition to the risk management framework, the Board has delegated
responsibility to the Audit Committee for reviewing the overall process of
assessing business risks and managing the impact on the Group. The Group's
risk management process is set out below.
The principal risks identified, and actions taken to minimise their potential
impact are included below. This is not an exhaustive list but those the Board
believes may have an adverse effect on the Group's cash flow and
profitability.
See also pages 62 to 66 in the 2025 Annual Report and Financial Statements.
In determining whether it is appropriate to adopt the going concern basis in
the preparation of the financial statements, the Directors have considered
these principal risks and uncertainties. The Viability Statement on pages 67
to 68 of the 2025 Annual Report and Financial Statements considers the
prospects of the Group should a number of these risks crystallise together.
Principal risks
Concentration risks associated with operations:
Risk and impact: Mitigation
· The Group's products are overwhelmingly sourced from one country · UK buffer stock is held in the event of supply disruption in China
(China) and a large proportion are made in one location (Jiaxing)
· All suppliers are provided with visibility of forward orders and supply
· Disruption to our Jiaxing facility could compromise our ability to issues are discussed upfront
serve our customers, including issues arising from a constrained global energy
market · Production facilities in China are spread across multiple buildings on
the same site to mitigate risk
· General disruption, including to shipping routes between China and
our selling markets (particularly the UK) could increase our costs or limit · The Group owns its product designs and production tooling, allowing
our ability to serve our markets manufacturing to be moved between suppliers more easily
· China could be impacted by events in Ukraine/Russia, which impacts · Business Continuity Plans are in place for Jiaxing site
our ability to manufacture products
· Business Interruption Insurance is in place for the Jiaxing site,
Telford site and our OEM supplier of Portable Power products
Concentration risks associated with customers and products:
Risk and impact: Mitigation
· The Group has a number of key customers representing c.40% of · Key customers typically follow a tender process, providing visibility of
Group revenue. A change in demand from these customers could result in reduced business wins and losses
sales and profits
· Large customers typically take 6-12 months to implement a large range
· The Group's committed order book extends 2-3 months forward. change throughout their networks, giving us time to react
Orders thereafter are uncommitted
· The cost of range changes for large customers is high, reducing the
· Geopolitical instability creates prices changes and shortages of likelihood of occurrence
materials and the impact of inflation on input costs from energy and material
costs impacting product cost and profitability. This has been prevalent with · Relationships with the Group's large customers are particularly
copper-based products due to increasing global demand as electrification established
escalates in many sectors
· Capacity at our factory and at our OEM partners in China can be changed
· A change in energy prices could increase the Group's operating quickly and cost effectively
costs, reduce profits and/or price competitiveness
· The Group hedges its USD:RMB and copper exposures according to a
· The Group has a material exposure to the purchase price of Board-approved policy. The hedging matches the duration of any fixed selling
copper. An adverse move could reduce profits and/or price competitiveness price commitment offered to customers
· The Group has fixed price gas and electricity contracts covering a
significant proportion of its energy use
· Application of the hedging policy is reviewed by the Board
Macroeconomic, political and environmental:
Risk and impact: Mitigation
· A deterioration in trade relations between the UK and China could · We have clear ESG objectives tied to management compensation plans. Our
disrupt product supply and/or increase costs. Tariff impacts are possible progress is visible via independent bodies such as CPD and SBTi
with the USA and China which could have knock-on impacts for other tariff
arrangements · The Group is expanding and developing its product range of low carbon
products (e.g. LED lighting and electric vehicle chargers)
· The Group has a concentrated exposure to the UK market. UK
economic headwinds could reduce profits · The Group is diversified by market segment within the UK, reducing risk
· A failure to respond to governmental, cultural, customer or · The Group is largely exposed to the RMI cycle, which is less
investor requirements on ESG in the following areas: changing customer susceptible to macroeconomic forces
behaviour and demands (e.g. electric vehicle charging), increased stakeholder
concern, negative feedback or non-compliance on ESG strategy, increased · The Group's overseas businesses are expected to grow faster than the
severity and frequency of extreme weather events accelerating ESG progress. UK, diluting the UK exposure
All of which could result in reduced profits or a reduced share price
· UK buffer stock is held in the event of supply disruption in China
· A "China Plus 1" sourcing strategy is being developed
· Management liaises closely with investors and customers to understand
their future ESG needs and responds accordingly
Loss of IT / data:
Risk and impact: Mitigation
· Loss of IT functionality would compromise operations, leading to · Market-leading cyber security tools and monitoring are in place
increased costs or lost sales
· Market-leading data backup tools are in place
· Loss of sensitive data from our IT environment would expose the
Group to regulatory, legal or reputational risk · IT disaster recovery plans are in place throughout the Group
· Increased cloud server usage increases risk of data loss or · We conduct regular penetration testing
compromise and cyber risk is on an upward trend impacting operations and
reputational risk · We conduct regular Group-wide cyber security training for employees
· IT incidents are reported to the Board
People and labour shortages:
Risk and impact: Mitigation
· Loss of key employees could damage business relationships or · Key relationships are typically shared between more than one employee
result in a loss of knowledge
· The Group's service offering is multi-faceted, reducing the risk that
· A shortage of available labour for key roles could disrupt the loss of an employee would result in lost sales
operations and impact long-term progress
· Retention of key employees is driven by long-term personal development
· Depending on the job role and team, COVID-19 has changed and incentive plans and ensuring compensation is regularly benchmarked for
employee's and employer's work place expectations. A more fluid working competitiveness. These plans are reviewed by the Nomination and Remuneration
environment in both the office and home is more common place. The risk of not Committees
adapting to this change in working practices could lead to loss of employees
and an inability to attract talent · Workforce engagement surveys ensure employee needs are identified and
addressed, promoting retention
· Adoption of hybrid practices within appropriate teams and locations
Acquisitions:
Risk and impact: Mitigation
· An ill-judged acquisition could reduce Group profit and return on · Our acquisition strategy is set by the Board
capital
· Board members possess significant M&A experience
· Unable to grow or develop an acquired business in line with
expectations, leading to lower profits · The acquisition strategy is implemented by an experienced in-house team
· The Group's acquisition strategy could compromise/distract the · The Group's key markets are relatively stable, meaning acquisition
execution of strategy in other areas targets typically have an established track record
· Individual acquisitions are typically small relative to the size of the
Group, reducing the impact of each deal and reducing potential distraction
· The Group conducts extensive due diligence prior to acquisition
· All acquisitions are approved by the Board
Legal and Regulatory:
Risk and impact: Mitigation
· The Group could infringe upon the IP of others, leading to legal · The Group receives IP advice from external experts
claims
· The Group's products are certified for use prior to launch by
· The Group's products could fail to meet regulatory requirements or external experts
experience quality failures, resulting in legal claims and/or reputational
damage · The Group has extensive quality assurance resources in the UK and
China
· The Group's businesses could fail to meet regulatory requirements
in their countries of operation · Suppliers are required to adhere to a strict Code of Conduct
· The Group could fail to comply with local tax laws, particularly · Supplier compliance with the Code of Conduct is audited by our
regarding transfer pricing in-house teams
· Product liability claims are reported to the Board
· Product liability insurance is in place globally
· The Group's transfer pricing policies are reviewed regularly with
the help of external experts
Finance and treasury:
Risk and impact: Mitigation
· The Group could fail to provide sufficient funding liquidity for · The Group hedges its currency exposures according to a
its operations Board-approved policy. The hedging matches the duration of any fixed selling
price commitment offered to customers
· The Group has a material exposure to movements in the USD and RMB
currency rates. An adverse move could reduce short-term profits and/or · The Group has a clear Capital Structure policy that is designed
long-term competitiveness to provide sufficient liquidity
· The Group could fail to report its financial performance · The Capital Structure policy is implemented by Treasury experts
accurately, leading to inappropriate decision-making and regulatory breaches and monitored by the Board
· The Group could suffer fraud across its widespread operations · The Treasury team prepares regular cash flow forecasts
· The Group's financial statements require relatively few
judgements or estimates, reducing the risk of misstatement
· The Group's accounting policies and internal accounting manual
are approved by the Board
· The Group operates two main accounting centres in the UK and
China, which are overseen closely by the Group Finance team
· The Group has invested in market-leading financial accounting
and reporting software
Statement of Directors' responsibilities
The following statement will be contained in the 2025 Annual Report and
Financial Statements.
We confirm that to the best of our knowledge:
· The financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view of the
assets, liabilities, financial position and profit or loss of the Company and
the undertakings included in the consolidation taken as a whole; and
· The Strategic Report includes a fair review of the development
and performance of the business and the position of the issuer and the
undertakings included in the consolidation, taken as a whole, together with a
description of the principal risks and uncertainties that they face.
· We consider the Annual Report and Financial Statements, taken as
a whole, is fair, balanced and understandable and provides the information
necessary for shareholders to assess the Group's position and performance,
business model and strategy.
JOHN HORNBY
Chief Executive Officer
WILL HOY
Chief Financial Officer
24 March 2026
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2025
2025 2024
Note £m £m
Revenue 2 271.4 242.5
Cost of sales (156.2) (145.0)
Gross profit 115.2 97.5
Distribution expenses (14.0) (11.3)
Administrative expenses (69.6) (63.0)
Operating profit 2,3 31.6 23.2
Finance expense (6.9) (4.3)
Net finance expense (6.9) (4.3)
Profit before tax 24.7 18.9
Taxation 4 (4.4) (4.3)
Profit for the period 20.3 14.6
Earnings per share (p)
Basic 5 13.5p 9.5p
Fully diluted 5 13.4p 9.5p
Adjusted(1) Results
2025 2024
Note £m £m
Adjusted operating profit 1 33.8 29.0
Adjusted profit before tax 1 27.8 24.9
Adjusted profit after tax 1 22.6 19.2
Adjusted basic earnings per share 5 15.0p 12.5p
Adjusted diluted earnings per share 5 14.9p 12.5p
1. See note 1 for alternative performance measures.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2025
2025 2024
£m £m
Profit for the period 20.3 14.6
Other comprehensive income - amounts that may be reclassified to profit or
loss in the future:
Foreign exchange translation differences - foreign operations (1.8) (0.1)
Foreign currency translation differences on investments in overseas entities 1.0 (1.4)
Other comprehensive income - amounts that will not be reclassified to profit
or loss:
Changes in the fair value of equity investments at fair value through other 0.1 (0.8)
comprehensive income
Total comprehensive income for the year 19.6 12.3
All results are from continuing operations.
The accompanying notes form part of these financial statements.
CONSOLIDATED BALANCE SHEET
At 31 December 2025
2025 2024
Note £m £m
Non-current assets
Property, plant and equipment 7 25.4 24.7
Right-of-use assets 10.2 9.7
Intangible assets 8 63.1 65.1
Investment - 1.8
Deferred tax asset 1.6 0.9
100.3 102.2
Current assets
Inventories 61.8 53.8
Trade and other receivables 83.4 80.1
Financial assets measured at fair value through profit or loss 1.1 0.4
Current tax asset 1.5 4.2
Cash and cash equivalents 3.3 4.1
151.1 142.6
Total assets 251.4 244.8
Current liabilities
Trade and other payables 76.4 59.2
Current tax liabilities 0.2 -
Financial liabilities measured at fair value through profit or loss 0.2 1.2
Other financial liabilities 2.9 2.8
79.7 63.2
Non-current liabilities
Interest-bearing loans and borrowings 9 55.2 72.0
Other financial liabilities 5.1 4.4
Deferred tax liability 3.1 5.2
Financial liabilities measured at fair value through profit or loss 0.5 0.2
Provisions 3.9 4.0
67.8 85.8
Total liabilities 147.5 149.0
Net assets 103.9 95.8
Equity attributable to equity holders of the parent
Share capital 0.1 0.1
Share premium 24.8 24.8
Other reserve (2.2) (1.6)
Treasury reserve (16.5) (11.6)
Retained earnings 97.7 84.1
Total equity 103.9 95.8
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024
Share Share Translation Financial Retained Treasury Total
capital premium reserve Assets at FVOCI earnings reserve equity
£m £m £m £m £m £m £m
Balance at 1 January 2024 0.1 24.8 0.1 0.6 76.8 (8.6) 93.8
Total comprehensive income
Profit for the period - - - - 14.6 - 14.6
Investment revaluation - - - (0.8) - - (0.8)
Foreign currency translation differences on investments in overseas entities - - (1.4) - - - (1.4)
Currency translation differences - - (0.1) - - - (0.1)
Total comprehensive income for the period - - (1.5) (0.8) 14.6 - 12.3
Transactions with owners in their
capacity as owners:
Dividends - - - - (7.5) - (7.5)
Purchase of own shares - - - - - (4.7) (4.7)
Disposal of own shares - - - - (1.7) 1.7 -
Deferred tax on share-based payment transactions - - - - (0.2) - (0.2)
Corporation tax on foreign currency translation differences on overseas - - - - 0.4 - 0.4
entities
Corporation tax on share-based payment transactions - - - - 0.2 - 0.2
Share-based payments charge - - - - 1.5 - 1.5
Total transactions with owners in their capacity as owners - - - - (7.3) (3.0) (10.3)
Balance at 31 December 2024 0.1 24.8 (1.4) (0.2) 84.1 (11.6) 95.8
Balance at 1 January 2025 0.1 24.8 (1.4) (0.2) 84.1 (11.6) 95.8
Total comprehensive income
Profit for the period - - - - 20.3 - 20.3
Investment revaluation - - - 0.1 - - 0.1
Disposal of investment - - - 0.1 (0.1) - -
Foreign currency translation differences on investments in overseas entities - - 1.0 - - - 1.0
Currency translation differences - - (1.8) - - - (1.8)
Total comprehensive income for the period - - (0.8) 0.2 20.2 - 19.6
Transactions with owners in their
capacity as owners:
Dividends - - - - (7.7) - (7.7)
Purchase of own shares - - - - - (5.3) (5.3)
Disposal of own shares - - - - (0.4) 0.4 -
Corporation tax on foreign currency translation differences on investments in - - - - (0.3) - (0.3)
overseas entities
Share-based payments charge - - - - 1.8 - 1.8
Total transactions with owners in their capacity as owners - - - - (6.6) (4.9) (11.5)
Balance at 31 December 2025 0.1 24.8 (2.2) - 97.7 (16.5) 103.9
The accompanying notes form part of theses financial statements.
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2025
Note 2025 2024
£m £m
Cash flows from operating activities
Profit for the period 20.3 14.6
Adjustments for:
Depreciation and amortisation 7,8 12.6 10.2
Finance expense 6.9 4.3
Taxation 4 4.4 4.3
Loss on disposal of tangible assets - 0.5
Share-based payments charge 1.9 1.5
Other non-cash items (1.8) (0.3)
Operating cash flow before movement in working capital 44.3 35.1
(Increase) in trade and other receivables (3.5) (17.1)
(Increase) in inventories (8.2) (2.8)
Increase in trade and other payables 17.0 5.8
Cash from operations 49.6 21.0
Tax paid (4.6) (6.3)
Net cash from operating activities 45.0 14.7
Cash flows from investing activities
Acquisition of property, plant and equipment(2) 7 (5.6) (5.0)
Acquisition of other intangible assets 8 (3.1) (2.9)
Disposal of tangible assets 7 0.1 0.1
Acquisition of subsidiary 10 - (37.5)
Proceeds from investments/(investments) 1.9 (0.3)
Net cash used in investing activities (6.7) (45.6)
Cash flows from financing activities
(Repayment)/Origination of borrowings (17.2) 49.5
Interest paid (6.0) (4.1)
Dividends paid (7.7) (7.5)
Finance lease liabilities (2.8) (2.7)
Purchase of own shares (5.3) (4.7)
Net cash from financing activities (39.0) 30.5
Net (decrease)/increase in cash and cash equivalents (0.7) (0.4)
Cash and cash equivalents at 1 January 4.1 4.6
Effect of exchange rate fluctuations on cash held (0.1) (0.1)
Cash and cash equivalents at 31 December 3.3 4.1
The accompanying notes form part of theses financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2025
1. Basis of preparation
Luceco plc (the "Company") is a company incorporated and domiciled in the
United Kingdom. These consolidated financial statements for the year ended 31
December 2025 comprise the Company and its subsidiaries (together referred to
as the "Group"). The Group is primarily involved in the manufacturing and
distributing of high quality and innovative wiring accessories, LED lighting
and portable power products to global markets (see note 2).
The financial information is derived from the Group's consolidated financial
statements for the year ended 31 December 2025, which have been prepared on
the going concern basis in accordance with UK adopted international accounting
standards (UK adopted IFRS) in conformity with the requirements of the
Companies Act 2006. The financial statements have been prepared on the
historical cost basis except for certain financial instruments which are
carried at fair value.
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 December 2025 and 31 December 2024
but is derived from those accounts. Statutory accounts for 2024 have been
delivered to the Registrar of Companies, and those for 2025 will be delivered
in due course. The Auditors have reported on the 2025 statutory accounts;
their report was (i) unqualified and (ii) did not contain a statement under
Section 498 (2) or (3) of the Companies Act 2006. The text of the Auditors'
report can be found in the Company's full 2025 Annual Report and Financial
Statements on pages 124 to 131.
The 2025 Annual Report and Financial Statements and the Notice of the 2025
Annual General Meeting will be published on the Company's website
at http://www.lucecoplc.com (http://www.lucecoplc.com/) as soon as
practicable. They will also be submitted to the National Storage Mechanism
where they will be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .
The Group's accounting policies can be referred to in note 1 of the
consolidated financial statements in the 2025 Annual Report and Financial
Statements.
Going concern
The Directors have concluded that it is reasonable to adopt a going concern
basis in preparing the financial statements. This is based on an expectation
that the Company and the Group have adequate resources to continue in
operational existence for at least 12 months from the date of signing these
accounts and our cash flow forecasts support this. The Group has reported a
profit before tax of £24.7m for the year to 31 December 2025 (2024: £18.9m),
has net current assets of £71.4m (2024: £79.4m) and net assets of £103.9m
(2024: £95.8m), net debt of £59.9m (2024: £75.1m) and net cash from
operating activities of £45.0m (2024: £14.7m). The Company has secured
banking facilities on 21 May 2025 for £120.0m, expiring on 21 May 2028, but
has the optionality of extending by a further two years to 21 May 2030.
The capital resources at the Group's disposal at 31 December 2025 and 28
February 2026 were as follows:
· A revolving credit facility of £120.0m, £51.3m drawn at 31 December
2025 and £59.4m drawn at 28 February 2026
The revolving credit facility requires the Group to comply with the following
quarterly financial covenants:
· Closing Bank Net Debt of no more than 3.0 times Bank EBITDA for the
preceding 12-month period
· Bank EBITDA of no less than 4.0 times Bank Net Finance Expense for
the preceding 12-month period
The Directors ran scenario tests on the severe but plausible downside case.
The assumptions in this scenario were as follows: concentration risks with
associated operations (25% reduction in revenue for three months followed by
50% reduction for three months and 20% increase in shipping costs during the
period) and macroeconomic, political and environmental risks (18-month
recession with a 10% reduction in revenue and gross profit), cyber-breach and
material price increases. These severe but plausible downside scenarios do not
lead to any breach in covenants nor any breach in facility. All modelling has
been conducted without any mitigation activity. There have been no changes to
post balance sheet liquidity positions.
The Directors are confident that the Group and Company will have sufficient
funds to continue to meet their liabilities as they fall due for at least 12
months from the date of approval of the financial statements and therefore
have prepared the financial statements on a going concern basis.
Statutory and non-statutory measures of performance - adjusted measures
The financial statements contain all the information and disclosures required
by the relevant accounting standards and regulatory obligations that apply to
the Group.
The Group's performance is assessed using a number of financial measures which
are not defined under IFRS (the financial reporting framework applied by the
Group). Management uses the adjusted or alternative performance measures
(APMs) as a part of their internal financial performance monitoring and when
assessing the future impact of operating decisions. The APMs disclose the
adjusted performance of the Group excluding specific items. The measures allow
a more effective year-on-year comparison and identification of core business
trends by removing the impact of items occurring either outside the normal
course of operations or as a result of intermittent activities such as a
corporate acquisition. The Group separately reports acquisition costs, other
exceptional items and other specific items in the consolidated income
statement which, in the Directors' judgement, need to be disclosed separately
by virtue of their nature, size and incidence in order for users of the
financial statements to obtain a balanced view of the financial information
and the underlying performance of the business.
In following the guidelines on Alternative Performance Measures (APMs) issued
by the European Securities and Markets Authorities, the Group has included a
consolidated income statement and consolidated cash flow statement that have
both Statutory and Adjusted performance measures. The definitions of the
measures used in these results are below and the principles to identify
adjusting items have been applied on a basis consistent with previous years.
Nature of measure Related IFRS measure Related IFRS source Definition Use/relevance
Adjusted Gross Profit Margin Gross Profit Margin Consolidated income statement Based on the related IFRS Allows management to
measure but excluding the assess the performance
adjusting items. of the business after
A breakdown of the removing large/unusual
adjusting items from 2025 items or transactions that
and 2024, which reconciles are not reflective of the
the adjusted measures to underlying business
statutory figures, can be operations
found later in this document
Adjusted Operating Costs Operating Gross profit less Operating profit Consolidated income statement
Adjusted Operating Profit Operating profit Consolidated income statement
Adjusted Basic EPS Basic EPS Consolidated income statement
Constant Currency Current period reviewed translated at the average exchange rate of the prior Allows management
period
to identify the relative
year-on-year performance
of the business by removing
the impact of currency
movements that are outside
of management's control
Like-for-like Like-for-like revenue excludes the impact of currency movements and Allows management to identify
acquisitions, see note 20 for currency rates
relative year-on-year performance
of the business by removing the
impact of currency and acquisitions
EBITDA Operating profit Consolidated income statement Consolidated earnings before interest, tax, depreciation and amortisation Provides management with an approximation of cash generation from the Group's
operational activities
Low Carbon Sales Revenue Segmental operating revenue EV charger revenue and LED revenue less sales from lighting columns Provides management with a measure of low
and downlight accessories carbon sales
Adjusted EBITDA Operating profit Consolidated income statement EBITDA excluding the adjusting items excluded from Adjusted Operating Profit Provides management with an approximation of cash generation from the Group's
except for any adjusting items that relate to depreciation and amortisation underlying operating activities
Covenant EBITDA Operating profit Consolidated income statement As above definition of "Adjusted EBITDA" but including EBITDA generated from Aligns with the definition of EBITDA used for bank covenant testing
acquisitions between 1 January and the date of acquisition and excluding
share-based payment expense
Contribution profit Operating profit and operating costs Consolidated income statement Contribution profit is after allocation of directly attributable adjusted Provides management with an assessment of profitability by operating segment
operating expenses for each operating segment
Contribution margin Operating profit and operating costs Consolidated income statement Contribution margin is contribution profit, as above, divided by revenue for Provides management with an assessment of margin by operating segment
each operating segment
Adjusted Operating Cash Flow Cash flow from operations Consolidated cash flow statement Adjusted Operating Cash Flow is the cash from operations but excluding the Provides management with an indication of the amount of cash available for
cash impact of the adjusting items excluded from Adjusted Operating Profit discretionary investment
Adjusted Free Cash Flow Net increase/(decrease) in cash and cash equivalents Consolidated cash flow statement Adjusted Free Cash Flow is calculated as Adjusted Operating Cash Flow less Provides management with an indication of the free cash generated by the
cash flows in respect of investing activities (except for those in respect of business for return to shareholders or reinvestment in M&A activity
acquisitions or disposals), interest and taxes paid
Adjusted Net Cash Flow Net increase/(decrease) in cash and cash equivalents Consolidated cash flow statement Adjusted Free Cash Flow less cash flows relating to dividend payments and the Provides management with an indication of the net cash flows generated by the
purchase of own shares business after dividends and share purchases
Adjusted Operating Cash Conversion None Consolidated cash flow statement and consolidated income statement Operating Cash Conversion is defined as Adjusted Operating Cash Flow divided Allows management to monitor the conversion of operating profit into cash
by Adjusted Operating Profit
Return on Capital Invested ("ROCI") Operating profit and Net assets Adjusted Operating Profit divided into the sum of net assets and net debt To provide an assessment of how profitability capital is being deployed in the
(average for the last two years) expressed as a percentage business
None
The following table reconciles all adjustments from the reported to the
adjusted figures in the income statement:
2025 Amortisation of acquired intangibles and related acquisition costs(1) Re-measurement 2025 Adjusted
£m £m to fair value of hedging portfolio(2) Adjustments 2025
£m £m £m
Revenue 271.4 - - - 271.4
Cost of sales (156.2) - (1.8) (1.8) (158.0)
Gross profit 115.2 - (1.8) (1.8) 113.4
Distribution expenses (14.0) - - - (14.0)
Administrative expenses (69.6) 4.0 - 4.0 (65.6)
Operating profit 31.6 4.0 (1.8) 2.2 33.8
Net finance expense (6.9) - 0.9 0.9 (6.0)
Profit before tax 24.7 4.0 (0.9) 3.1 27.8
Taxation (4.4) (0.9) 0.1 (0.9) (5.2)
Profit for the period 20.3 3.1 (0.8) 2.3 22.6
1. Relating to Kingfisher Lighting, DW Windsor, Sync EV, D-Line and CMD
2. Relating to currency hedges/interest swaps
2024 Amortisation of acquired intangibles and related acquisition costs(1) Re-measurement 2024 Adjusted
£m £m to fair value of hedging portfolio(2) Adjustments 2024
£m £m £m
Revenue 242.5 - - - 242.5
Cost of sales (145.0) - (0.3) (0.3) (145.3)
Gross profit 97.5 - (0.3) (0.3) 97.2
Distribution expenses (11.3) - - - (11.3)
Administrative expenses (63.0) 6.1 - 6.1 (56.9)
Operating profit 23.2 6.1 (0.3) 5.8 29.0
Net finance expense (4.3) - 0.2 0.2 (4.1)
Profit before tax 18.9 6.1 (0.1) 6.0 24.9
Taxation (4.3) (1.4) - (1.4) (5.7)
Profit for the period 14.6 4.7 (0.1) 4.6 19.2
1. Relating to Kingfisher Lighting, DW Windsor and Sync EV
2. Relating to currency hedges/interest swaps
The following tables indicate how alternative performance measures are
calculated:
2025 2024
Adjusted 12 months rolling EBITDA £m £m
Adjusted Operating Profit 33.8 29.0
Adjusted Depreciation and Amortisation 9.3 7.9
Adjusted 12 months rolling EBITDA 43.1 36.9
2025 2024
Covenant EBITDA £m £m
Adjusted 12 months rolling EBITDA 43.1 36.9
EBITDA from acquisitions from 1 January to the date of acquisition and share 1.9 4.8
based payment expense
Covenant EBITDA 45.0 41.7
2025 2024
Adjusted Operating Cash Conversion £m £m
Cash from operations (from consolidated cash flow statement) 49.6 21.0
Adjustments to operating cash flow (from consolidated cash flow statement) - 0.7
Adjusted Operating Cash Flow 49.6 21.7
Adjusted Operating Profit 33.8 29.0
Adjusted Operating Cash Conversion 146.7% 74.8%
2025 2024
Adjusted Free Cash Flow as % of revenue £m £m
Adjusted Operating Cash Flow (see table above) 49.6 21.7
Net Cash used in investing activities excluding acquisitions (from (8.6) (7.8)
consolidated cash flow statement)
Interest paid (from consolidated cash flow statement) (6.0) (4.1)
Tax paid (from consolidated cash flow statement) (4.6) (6.3)
Adjusted Free Cash Flow 30.4 3.5
Revenue 271.4 242.5
Adjusted Free Cash Flow as % of revenue 11.2% 1.4%
2025 2024
Adjusted Net Cash Flow as % of revenue £m £m
Adjusted Free Cash Flow (see above) 30.4 3.5
Purchase of own shares (5.3) (4.7)
Dividends (7.7) (7.5)
Adjusted Net Cash Flow 17.4 (8.7)
Revenue 271.4 242.5
Adjusted Net Cash Flow as % of revenue 6.4% (3.6%)
2025 2024
Return on Capital Investment £m £m
Net assets 103.9 95.8
Net debt 59.9 75.1
Capital invested 163.8 170.9
Average capital invested (from last two years) 167.4 143.8
Adjusted Operating Profit (from above) 33.8 29.0
Return on Capital Invested (Adjusted Operating Profit/average capital 20.2% 20.2%
invested)
Standards and interpretations issued
The following UK-adopted IFRS have been issued and have been applied in these
financial statements. Their adoption did not have a material effect on the
financial statements, unless otherwise indicated, from 1 January 2025:
• Lack of Exchangeability - Amendments to IAS 21
The following UK adopted IFRS have been issued but have not been applied and
adoption is not expected to have a material effect on the financial
statements, unless otherwise indicated, from 1 January 2026:
• Classification and Measurement of Financial Instruments - Amendments to IFRS 9
and IFRS 7 (1 January 2026)
• Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and
IFRS 7 (1 January 2026)
• Annual Improvements to IFRS Accounting Standards - Volume 11 (1 January 2026)
• IFRS 18 Presentation and Disclosure in Financial Statements (1 January 2027)
• IFRS 19 Subsidiaries without Public Accountability: Disclosures (1 January
2027)
2. Operating segments
The Group's principal activities are in the manufacturing and supply of Wiring
Accessories, LED Lighting and Portable Power equipment. For the purposes of
management reporting to the Chief Operating Decision-Maker (the Board), the
Group consists of three operating segments which are the product categories
that the Group distributes. The Board does not review the Group's assets and
liabilities on a segmental basis and, therefore, no segmental disclosure is
included. Inter-segment sales are not material. Revenue and operating profit
are reported under IFRS 8 Operating Segments.
Adjusted Reported Adjusted Reported
2025 Adjustments 2025 2024 Adjustments 2024
£m £m £m £m £m £m
Revenue
Wiring Accessories 131.4 - 131.4 108.9 - 108.9
LED Lighting 79.3 - 79.3 78.4 - 78.4
Portable Power 60.7 - 60.7 55.2 - 55.2
271.4 - 271.4 242.5 - 242.5
Operating profit
Wiring Accessories 19.4 (1.3) 18.1 19.1 (4.2) 14.9
LED Lighting 6.3 (1.0) 5.3 4.1 (1.4) 2.7
Portable Power 8.1 0.1 8.2 5.8 (0.2) 5.6
Operating profit 33.8 (2.2) 31.6 29.0 (5.8) 23.2
Revenue by location of customer
2025 2024
£m £m
UK 214.6 184.2
Europe 24.1 21.5
Americas 20.1 22.5
Middle East and Africa 9.4 10.3
Asia Pacific 3.2 4.0
Total revenue 271.4 242.5
Non-current assets by location
2025 2024
£m £m
UK 81.5 86.4
China 14.9 14.4
Other 2.3 0.5
Non-current assets (excluding deferred tax) 98.7 101.3
3. Expenses recognised in the consolidated income statement
Included in the consolidated income statement are the following:
2025 2024
£m £m
Research and development costs expensed as incurred 3.6 3.2
Depreciation of property, plant and equipment and right-of-use assets 7.5 6.5
Amortisation of intangible assets 5.1 3.7
4. Income tax expense
2025 2024
£m £m
Current tax expense
Current year - UK 6.3 4.8
Current year - overseas 0.6 0.2
Adjustment in respect of prior years 0.3 0.1
Current tax expense 7.2 5.1
Deferred tax expense/(credit)
Origination and reversal of temporary differences (2.9) (1.1)
Foreign taxation (0.1) 0.3
Adjustment in respect of prior years 0.2 -
Deferred tax (credit) (2.8) (0.8)
Total tax expense 4.4 4.3
2025 2024
Reconciliation of effective tax rate £m £m
Profit for the year 20.3 14.6
Total tax expense 4.4 4.3
Profit before taxation 24.7 18.9
Tax using the UK corporation tax rate of 25.0% 6.2 4.7
R&D tax credits (0.5) (0.5)
Non-deductible expenses 0.2 0.5
Adjustment in respect of previous periods 0.5 0.1
Temporary differences (1.6) -
Foreign tax differences in rates (0.5) (0.6)
Deferred tax on share-based payments 0.1 (0.1)
Acquisitions of entities - 0.2
Total tax expense 4.4 4.3
5. Earnings per share
Earnings per share is calculated based on the profit for the period
attributable to the owners of the Group. Adjusted earnings per share is
calculated based on the adjusted profit for the period, as detailed below,
attributable to the owners of the Group. These measures are divided by the
weighted average number of shares outstanding during the period.
2025 2024
£m £m
Earnings for calculating basic earnings per share 20.3 14.6
Adjusted for:
Amortisation of acquired intangibles and related acquisition costs 4.0 6.1
Remeasurement to fair value of hedging portfolio (1.8) (0.3)
Remeasurement to fair value of interest swaps 0.9 0.2
Income tax on above items (0.8) (1.4)
Adjusted earnings for calculating adjusted basic earnings per share 22.6 19.2
2025 2024
Number Number
Weighted average number of ordinary shares Million Million
Basic 150.5 153.2
Dilutive effect of share options on potential ordinary shares 0.9 0.9
Diluted 151.4 154.1
2025 2024
Pence Pence
Basic earnings per share 13.5 9.5
Diluted earnings per share 13.4 9.5
Adjusted basic earnings per share 15.0 12.5
Adjusted diluted earnings per share 14.9 12.5
6. Dividend
Amounts recognised in the financial statements as distributions to equity
shareholders as follows:
2025 2024
£m £m
Final dividend for the year ended 31 December 2024 of 3.3p (2023: 3.2p) per 5.0 4.9
ordinary share
Interim dividend for the year ended 31 December 2025 of 1.8p (2024: 1.7p) per 2.7 2.6
ordinary share
Total dividend recognised during the year 7.7 7.5
The Board is proposing a final dividend for the year ended 31 December 2025 of
4.2p which will be a £6.8m cash payment (2024: £5.0m).
7. Property, plant and equipment
During the year, the Group purchased assets at a cost of £5.6m (2024:
£5.0m); including tooling £2.4m, plant and equipment £2.1m, land and
buildings £0.7m and fixtures and fittings and motor vehicles £0.5m. Assets
with a net book value of £0.1m were disposed (2024: £0.3m). Total
depreciation for the period was £4.4m (2024: £3.8m).
During the year there were lease additions totalling £4.8m and a depreciation
charge of £3.1m. The net book value of right-of-use assets at 31 December
2025 was £10.2m (2024: £9.7m).
The Group has not included any borrowing costs within additions in 2025 (2024:
£nil). There were no funds specifically borrowed for the assets and the
amount eligible as part of the general debt instruments pool (after applying
the appropriate capitalisation rate) is not considered material.
8. Intangible assets and goodwill
Development expenditure is capitalised and included in intangible assets when
it meets the criteria laid out in IAS 38, "Intangible Assets". During the
year, the Group incurred internally generated development costs of £3.1m
(2024: £1.9m). The Group has not included any borrowing costs within
capitalised development costs. There were no funds specifically borrowed for
this asset and the amount eligible as part of the general debt instruments
pool (after applying the appropriate capitalisation rate) is not considered
material. Amortisation for the year was £5.1m (2024: £3.7m).
In the consolidated income statement these amounts have been included within
"adjustments" in calculating the Adjusted Operating Profit/loss (refer to note
1 in the Notes to the consolidated financial statements).
There have been no triggers to necessitate an impairment of goodwill since the
review undertaken as part of the year ended 31 December 2025. Goodwill has
been allocated to cash-generating units and can be referred to in the Group's
2025 Annual Report and Financial Statements.
9. Interest-bearing loans and borrowings
This note provides information about the contractual terms of the Group's
interest-bearing loans and borrowings, which are measured at amortised cost.
For more information about the Group's exposure to interest rate and foreign
currency risk, please refer to note 20 in the 2025 Annual Report and
Financial Statements.
2025 2024
£m £m
Non-current liabilities
Revolving credit facility 51.3 70.5
Overdrafts 3.9 1.5
55.2 72.0
Bank loans are secured by a fixed and floating charge over the assets of the
Group.
10. Exchange rates
The following significant Sterling exchange rates were applied during the
year:
Average rate during year Reporting date spot rate
2025 2024 2025 2024
USD 1.32 1.28 1.35 1.25
EUR 1.17 1.18 1.15 1.21
RMB 9.47 9.20 9.41 9.15
11. Related party transactions
Transactions with key personnel
Key personnel include executive and non-executive Board members and the senior
management team. The compensation of key management personnel, including
executive directors is as follows:
2025 2024
£m £m
Remuneration (including benefits in kind) 4.6 4.7
Element of share-based payments expense 1.4 1.4
6.0 6.1
12. Post balance sheet events
There are no post balance sheet events.
14. Annual General Meeting (AGM)
The 2026 AGM will take place on 19 May 2026 at Peel Hunt LLP, 100 Liverpool
Street, London, EC2M 2AT. The notice of AGM and any related documents will be
sent to shareholders within the prescribed timescales. Shareholders will be
encouraged to submit their proxy votes online.
15. Date of approval of financial information
The financial information covers the year 1 January 2025 to 31 December 2025
and was approved by the Board on 24 March 2026. A copy of the 2025 Annual
Report and Financial Statements will be published on the Luceco PLC investor
relations website, www.lucecoplc.com (http://www.lucecoplc.com) as soon as
practicable.
Additional information
Financial calendar
Item Date
Ex-dividend date 09 April 2026
Dividend record date 10 April 2026
Dividend reinvestment plan final date for election 30 April 2026
Annual General Meeting 19 May 2026
Dividend paid 22 May 2026
2026 Half year end 30 June 2026
2026 Half year trading update 28 July 2026
2026 Half year results 22 September 2026
2026 Q3 Trading update 27 October 2026
2026 Year end 31 December 2026
2026 Year end preliminary statement March 2027
Contacts
Type Name Address Website/Email/Phone
Company's registered office Luceco plc Building E www.lucecoplc.com (http://www.lucecoplc.com)
Stafford Park 1 ir@luceco.com
Telford
TF3 3BD
Independent auditor KPMG LLP Chartered Accountants www.kpmg.co.uk (http://www.kpmg.co.uk)
One Snowhill
Snow Hill Queensway
Birmingham
B4 6GH
Joint brokers Jefferies 100 Bishopsgate www.jefferies.com (http://www.jefferies.com)
London
EC2N 4JL
Peel Hunt 100 Liverpool Street www.peelhunt.com (http://www.peelhunt.com)
London
EC2M 2AT
Company registrar MUFG Central Square shareholderenquiries@cm.mpms.mufg.com
(mailto:shareholderenquiries@cm.mpms.mufg.com)
29 Wellington Street
Tel: +44 (0)371 664 0300
Leeds
LS1 4DL
Company Secretary MUFG 19(th) Floor luceco@cm.mpms.mufg.com (mailto:luceco@cm.mpms.mufg.com)
51 Lime Street Tel: +44 (0)333 300 1932
London
EC3M 7DQ
Financial PR Sodali & Co 122 Leadenhall Street luceco@client.sodali.com (mailto:luceco@client.sodali.com)
London Tel: +44 207 250 1446
EC3V 4AB
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