Luceco hails "strong start to the year" with quarterly revenue boost

(Alliance News) - Luceco PLC on Tuesday said it expects over GBP40 million in full-year adjusted operating profit, citing EV charging as a "key contributor" to its first-quarter revenue growth.

Shares in Luceco traded 1.0% higher at 237.36 pence on Tuesday in London.

The London-based lighting manufacturer and distributor said revenue for the first quarter increased to approximately GBP68 million from GBP61 million the previous year, an organic growth rate of around 11%.

Luceco said electric vehicle charging "continues to be a key contributor" with on-year revenue growth of about 80%, noting that demand flexibility revenue from EV chargers "increased significantly" through continued enrolment and growth in its eligible charger base.

Including demand flexibility, Luceco said first-quarter growth was ahead of management expectations.

Revenue for Luceco's core products "also performed strongly" with organic revenue growth exceeding 6% on an annual basis. Additionally, Luceco said it is working with customers to pass through increased commodity prices, and that the direct impact of disruption driven by conflict in the Middle East has so far been immaterial.

Luceco reported around GBP66 million in bank net debt as of March 31, down from around GBP71 million one year prior. It said the 'bank net debt: Ebitda' leverage was down to 1.4x from 1.7x, "comfortably within" its 1x to 2x target range.

"Our first‑quarter performance represents a strong start to the year, continuing the momentum built through 2025," commented Chief Executive Officer John Hornby.

Luceco said strong demand continues across most of its product categories, channels and territories, with ongoing strong momentum in the growth of its installed eligible EV charger base.

Looking ahead, Luceco now expects full-year adjusted operating profit to increase to over GBP40 million, from GBP33.8 million in 2025. The firm, which previously forecast profit exceeding GBP37 million, sees "potential for further significant outperformance dependent on demand flexibility," it added.

The company-compiled analyst consensus as of Monday forecasts adjusted operating profit of GBP38.3 million, with a GBP37.7 million to GBP39.2 million range.

"Our increasing exposure to the rapidly growing energy transition market, together with positive leading indicators across the business, supports our confidence in the group's prospects for 2026 and beyond," CEO Hornby said.

By Emma Curzon, Alliance News reporter

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