Luceco makes the sockets, switches, LED lights, portable power products and EV chargers that electricians fit in British homes and workplaces, largely from its own factory in Jiaxing, China. For years it grew a few percent a year and generated cash. In the first half of 2026 its Energy Transition business, mainly EV chargers, more than doubled sales while the core grew 6.5%. Two 2024 acquisitions lifted debt to £69.6m, and CEO John Hornby, after 21 years, has handed over to Dr Thorsten Müller.
Sockets and lights for electricians, now with EV chargers
Luceco designs and makes wiring accessories, LED lighting, portable power products and EV chargers. It sells through UK retailers, wholesalers and project contractors, and abroad in Europe, Dubai, Mexico and the US. Repair, maintenance and improvement work on homes made up about two thirds of sales in 2024. Infrastructure projects were about 15%.
The company says its edge is its Jiaxing factory, which gives it control of quality, cost and product development, plus long-standing ties with trade customers. Its Sync Energy range covers EV chargers, a charger balancer and a home energy management system that launched in the first half of 2025. EV charging sales were £18.1m in 2025, a small share of £271m revenue, but they are the fastest-growing part. Luceco won a supply contract for Centrica's Hive brand in 2025. 25 Mar 2026 9 Sep 2025 10 Sep 2024
Steady margins and cash, then a first deal
In 2023 revenue was flat at £209m, but adjusted operating profit rose 9% to £24.0m as gross margins recovered. Free cash flow was £18m, and the company reported £90m of free cash since 2019. Net debt fell to £18.4m, well below its 1.0-2.0x target range for net debt against EBITDA (a profit measure).
It started using that cash. In November 2023 it paid £1.75m for a 9.1% stake in eEnergy, a lighting and energy services group. In March 2024 it bought D-Line, a cable management supplier with about £17m of revenue, for £8.6m plus up to £3.8m contingent. The shares rose from 124p at the end of 2023 to 176p in May 2024. 26 Mar 2024 8 Nov 2023 1 Mar 2024
Two acquisitions, a shipping scare and £69m of debt
In September 2024 Luceco bought CMD, a UK maker of commercial wiring accessories with £23m of revenue, for £30m in cash. It expanded its revolving credit facility, a bank line it can draw on, by £40m. Group revenue rose 16% to £242.5m in 2024 and adjusted operating profit rose 21% to £29.0m. Like-for-like sales grew 5.8% while the company said its wider market fell 2.4%.
Cash told a different story. Red Sea shipping disruption forced extra inventory, and strong December sales added to working capital. Free cash flow fell to £3.5m and net debt rose to £68.6m, or 1.6x EBITDA. The shares slid from 156p in September 2024 to 128p by year-end. The company has not tied the fall to a single cause. 30 Sep 2024 26 Mar 2025 24 Oct 2024
Paying down debt while EV sales took off
In 2025 the stored-up inventory unwound. Free cash flow reached £30.4m and net debt fell to £52.3m, or 1.2x. A new £120m credit facility gave room for more deals. In the first half, adjusted profit before tax fell 3.6% as acquisition funding costs and integration spending weighed. The adjusted operating margin slipped to 11.0%.
Core demand was soft. International sales struggled with tariff and trade changes, and Mexico was especially weak. EV charging sales rose 85% to £18.1m. Like-for-like revenue growth stepped up from 2.0% in the first half to over 6.7% in the second. Full-year adjusted operating profit rose 16.6% to £33.8m, and the margin rose to 12.5%. The shares fell to 120p in August 2025, then recovered. 25 Mar 2026 9 Sep 2025 20 May 2025
Energy Transition takes over the growth story
In 2026 the company raised its profit guidance three times. In January it said 2026 would comfortably beat consensus. In March, with consensus at £34.7m-£36.5m, it said profit would exceed £37m. In May it moved to over £40m. In July it also said 2027 would beat market expectations. More than 10,000 installed chargers already earn money from Demand Flexibility, a scheme that pays owners for shifting power use, though the company flags an evolving regulatory framework and uncertain end-user response.
The shares rose from 132p in December 2025 to 272p in June 2026, then fell to 214p in July. The latest close was 208p on 9 October 2026. 29 Jan 2026 25 Mar 2026 19 May 2026 28 Jul 2026
“The Board now expects Adjusted Operating Profit for 2026 to exceed £37m, with the potential for further significant outperformance dependent on Demand Flexibility” 25 Mar 2026
What worked, what cost money
The core model delivered. Management beat or met profit expectations in each full year since 2023. It took market share in weak markets. Adjusted operating profit went from £22.0m in 2022 to £33.8m in 2025, with the margin up each year. Its October 2024 aims of revenue growth above 10% and leverage back toward mid-range in 2025 were met: revenue grew 11.9% and leverage was 1.2x.
The costs showed up in cash and debt. Buying two companies in a year while building inventory pushed debt up fourfold in 2024. International markets such as Mexico, the US and Asia Pacific have been the weak spot. The same pattern recurred in 2026: management built inventory ahead of a strong second half, and first-half free cash flow was an outflow of £2.1m. 26 Mar 2025 25 Mar 2026 9 Sep 2025 22 Sep 2026
A long-serving CEO hands over to Müller
John Hornby announced his retirement on 15 June 2026 after 21 years, and Dr Thorsten Müller took over as CEO on 1 September. He said the energy transition offers significant further upside. Will Hoy remains CFO. Giles Brand is Non-executive Chair. The board added Martyn Coffey, formerly CEO of Mars, in December 2025, and Andrew Mines, from Illinois Tool Works, from August 2026.
Insiders have sold into the rally. In May 2026 Brand sold 475,000 shares at about 269p. In August Hornby sold 505,000 shares at 224p. The employee benefit trust held 8.46% of shares in April 2026 to cover staff share awards. BlackRock's holding fell from 9.4% to 5.0%, and ESO Investments 2 held 21.0% in May 2026. 15 Jun 2026 10 Aug 2026 27 May 2026 24 Aug 2026 27 Apr 2026 9 Dec 2025 18 Jun 2026
Revenue up 13%, debt flat, cash negative
In the first half of 2026, revenue rose 13.4% to £142.6m. Energy Transition sales were up 119.5%, and the core business grew 6.5%. Adjusted operating profit rose 14.5% to £15.8m, with an 11.1% margin. Statutory operating profit was flat at £11.6m, and the company has not explained the gap in the half-year statement.
Net debt was £69.6m, or 1.5x EBITDA, against 1.6x a year earlier. The interim dividend rose 17% to 2.1p. 22 Sep 2026
Guided above £40m, with a new CEO
The board expects 2026 adjusted operating profit to be ahead of market expectations. In May it set the bar at over £40m. In July it said 2027 should beat market expectations. It cites volume gains, factory efficiency and synergies from D-Line and CMD as supports for margin.
Open questions remain. Demand Flexibility income depends on regulation and on how many owners take part. The Middle East conflict and tariffs could still affect trade, and the company said in March it could not yet judge the effect. The CEO change comes just as the company is leaning on EV and energy growth. 22 Sep 2026 28 Jul 2026 19 May 2026 25 Mar 2026
Written by AI from Luceco's own announcements since Oct 2023 · every paragraph links to its sources