Earnings release
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RNS Number : 3620ULuceco PLC23 January 2025 23 January 2025 LUCECO PLC - 2024 FULL YEAR TRADING UPDATE Results ahead of expectations, strong demand in the final quarter. Well positioned for further growth in 2025 Luceco plc ("Luceco" or the "Group"), the supplier of wiring accessories, EV chargers, LED lighting and portable powerproducts, is pleased to provide the following update on trading for the year ended 31 December 2024 ("2024"). Q4 2024 Trading · The improving trend in order intake experienced in Q3 accelerated through the final quarter of the year with strong demanddriving organic growth.· The strong order book from Q3, combined with increased trade and retail orders, led to impressive sales growth at the endof the year in the Group's Residential RMI divisions.· Our Residential EV Charger division also continued to outperform, with quarterly year-on-year growth of c.50%, reflectingboth a strengthening market and successful new product launches. 2024 Full Year Results · The Group expects to report a full year 2024 performance ahead of market expectations*, with revenue in the region of£240m (2023: £209m) and Adjusted Operating Profit in the region of £28.5m - £29.0m (2023: £24.0m).· Further progress on Adjusted Operating Margin for the full year, moving towards c.12.0% (2023: 11.5%) driven by productmix, operating efficiencies and additional volume.· Despite challenging economic conditions our brands have performed strongly, delivering Group organic growth of c.5%for the year (at constant currencies).· Both businesses that we acquired in 2024 are integrating well, with the contribution from D-Line (acquired in February2024) especially encouraging. We are pleased with the progress made to date to realise cost synergies from D-Line andwith the early indications from CMD.· The Group's balance sheet remains robust with Bank Net Debt at 1.7x EBITDA (within our target range of 1.0 - 2.0x)despite increased working capital requirements commensurate to the strong trading in Q4. Commenting on the trading update, Chief Executive Officer, John Hornby said: "Luceco performed well in 2024, finishing the year strongly against the backdrop of a lacklustre macroeconomic environmentin the UK. As a result, we anticipate reporting Adjusted Operating Profit ahead of market expectations. We look forward tofurther growth in 2025, hopeful of improved end-market demand, but confident that the Group is well positioned to make solidprogress against its strategic objectives." *Company compiled analyst consensus as at 22 January 2025 is for full year 2024 revenue of £234.2m (Analyst Range of £232.8m -£234.6m) and Adjusted Operating Profit of £26.5m (Analyst Range £26.0m - £27.2m) Luceco plc ContactJohn Hornby, Chief Executive Officer 07817 458804 (Via MHP)Will Hoy, Chief Financial Officer MHP ContactTim RowntreeOllie Hoare 07817 458804 For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement isbeing made on behalf of Luceco plc by Will Hoy, Chief Financial Officer. Note to Editors Luceco plc - Bringing Power To Life Luceco plc (LSE:LUCE) is a supplier of wiring accessories, EV chargers, LED lighting, and portable power products. For more information, please visit www.lucecoplc.com. Forward-looking statements 2025-01-27 15:23 Luceco - 2024 Full Year Trading Update https://luceo2024eutfm.q4web.com/news/news-details/2025/2024-Full-Year-Trading-Update/default.aspx 1/2
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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 theGroup operates. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by awide range of variables which could cause actual results to differ materially from those currently anticipated. No assurancescan 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 thisannouncement and the Company undertakes no obligation to update these forward-looking statements. Nothing in thisannouncement should be construed as a profit forecast. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a PrimaryInformation Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, pleasecontact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in thiscommunication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS andthe London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END TSTEAPFAALKSEFA 2025-01-27 15:23 Luceco - 2024 Full Year Trading Update https://luceo2024eutfm.q4web.com/news/news-details/2025/2024-Full-Year-Trading-Update/default.aspx 2/2