LONDON (ShareCast) - (Sharecast News) - Luceco reported double-digit first half revenue growth on Tuesday, supported by acquisitions and surging demand for electric vehicle charging products, with full-year expectations left unchanged.
Group revenue rose 14.7% year-on-year to £125.7m in the six months ended 30 June, with like-for-like sales up 2%.

Growth was driven by a 93% jump in EV charging revenues, including a newly awarded supply agreement with Centrica-owned Hive, and a 14.1% contribution from acquisitions.

UK sales grew 3.6%, partly offset by weaker trading in some international markets.

Adjusted operating profit increased 9.5% to £13.8m, though the margin slipped to 11% as the group invested in energy transition opportunities and integration of recent acquisitions.

Adjusted profit before tax fell 3.6% to £10.8m, while statutory profit before tax declined 10.3% to £7.8m.

Adjusted earnings per share rose 3.5% to 5.9p, with statutory EPS down 2.2% to 4.4p.

Cash generation improved sharply, with adjusted free cash flow reaching £10.3m compared with an outflow of £1.7m a year earlier.

Bank net debt increased to £68m, representing 1.6 times EBITDA, within the group's target range.

The interim dividend was lifted 5.9% to 1.8p per share.

Luceco said it entered the second half with a strong order book and noted that revenue momentum had accelerated, with like-for-like growth improving from 0.6% in the first quarter to 3.2% in the second.

It also highlighted limited exposure to US-China tariffs, with only about £1m of first-half sales directly affected.

"I am pleased with the first half trading performance and these results reflect a robust performance built on Luceco's superior channel access, our proven ability to build strong positions in new categories by leveraging our product innovation capabilities and vertically integrated manufacturing facilities, and our ability to identify, execute and fund high quality acquisitions," said chief executive John Hornby.

"We are optimistic that confidence in our sectors of the economy will recover further in the second half of 2025.

"The group's trading remains in line with expectations for further growth in the year ending December 2025."

At 0959 BST, shares in Luceco were up 6.1% at 125.62p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE