Luceco PLC
28 July 2026
28 July 2026
LUCECO PLC
H1 2026 TRADING UPDATE
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Strong H1 growth led by Energy Transition; FY26 Adjusted Operating Profit expected above £40m and FY27 expected ahead of consensus |
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Luceco plc ("Luceco" or the "Group"), the leading designer and manufacturer of residential and commercial electrification products and systems, provides the following trading update for the six months ended 30 June 2026 ("H1 2026" or the "first half").
Continued trading momentum, driven by Energy Transition
· Revenue of £143m in the first half (2025: £126m) up c.13% year-on-year, with growth accelerating in Q2 to c.15% versus 11% in Q1, driven by two complementary growth drivers:
· Continued momentum in our Energy Transition revenue, including EV charging and Demand Flexibility, delivering revenue growth of c.120% year-on-year
· The Group's core products continuing to contribute strongly with c.6% revenue growth
· Adjusted Operating Profit of c.£15.8m (2025: £13.8m), up c.14% year-on-year
· Adjusted Operating Profit margin of 11.1% (H1 2025: 11.0%) slightly ahead of the prior year, despite continued headwinds in certain input commodity prices, reflecting disciplined pricing and operating efficiency
Strong balance sheet underpins future growth
· Bank Net Debt at the end of the half increased slightly to £69.6m (H1 2025: £68.0m), reflecting an investment in inventory ahead of the second half, with Bank Net Debt:EBITDA leverage falling to 1.5x (H1 2025: 1.6x), comfortably within the Group's target range of 1-2x
· The Group's strong balance sheet, improving leverage position and cash generation provides flexibility to support continued investment in organic growth initiatives and selective bolt‑on acquisitions, consistent with its capital allocation policy
Outlook ahead of current market expectations for 2027
· The Group continues to experience strong demand across key product categories, channels and territories, with revenue growth in the first half exceeding the Board's expectations
· As expected, changes to the regulated mechanics of Demand Flexibility have begun to crystallise, and are expected to reduce recurring revenue per EV charger towards a more sustainable level early in the second half. Such changes are consistent with the Board's expectations and, as a result, the Board continues to expect Adjusted Operating Profit for 2026 to exceed £40m
· With further clarity around the economics of Demand Flexibility, the benefit of continued operational efficiency gains in the UK and while remaining mindful of the broader economic backdrop, the Board expects Adjusted Operating Profit for 2027 to exceed current market expectations1, with the potential for further significant outperformance dependent on Demand Flexibility
CEO succession
· The Board is progressing the recruitment process to appoint a permanent Chief Executive Officer and is in advanced discussions with a number of candidates
· In the meantime, the Board and executive management team remain focused on the delivery of the Group's strategic and financial priorities
Giles Brand, Chairman, said:
"Luceco delivered another strong first half, with revenue up c.13% and adjusted operating profit up c.14%. The performance demonstrates the strength of Luceco's diversified growth model; rapid expansion in Energy Transition up c.120%, while resilience in our core product categories delivered further growth. The business is benefiting from broad-based demand, disciplined pricing and increasing clarity around Demand Flexibility economics. As a result, we remain confident in delivering adjusted operating profit of more than £40m in FY26 and now expect FY27 adjusted operating profit to exceed current market expectations."
1Company-compiled analyst consensus as at 27 July 2026 for full year Adjusted Operating Profit: 2026 £40.7m, with a range of £40.2m - £41.0m; 2027 £42.3m, with a range of £41.7m - £42.9m.
Half year results
Luceco expects to publish its half year 2026 results statement on 22 September 2026.
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Luceco plc |
Contact |
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Giles Brand, Chairman |
(Via Sodali & Co) |
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Will Hoy, Chief Financial Officer |
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Sodali & Co |
Contact |
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Pete Lambie James White Tilly Abraham |
078 5543 2699 / 079 3535 1934 |
Luceco PLC LEI Code: 213800BBFZK4W4P98U76
Note to Editors
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.
For more information, please visit www.lucecoplc.com.
Forward-looking statements
This announcement contains forward‑looking statements that are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries, sectors and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. No assurances can be given that the forward‑looking statements in this announcement will be realised.
The forward‑looking statements reflect the knowledge and information available at the date of preparation of this announcement and the Company undertakes no obligation to update these forward‑looking statements. Nothing in this announcement should be construed as a profit forecast.
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