Q1 2025 Trading Update

Solid start to the year with revenue growth of 19% and adjusted operating profit up 8%. Confident outlook with full year expectations unchanged.

Luceco plc ("Luceco" or the "Group"), the supplier of wiring accessories, EV chargers, LED lighting, and portable power products, is pleased to provide the following update for the three months ended 31 March 2025 ("Q1 2025" or the "quarter") ahead of its Annual General Meeting later today.

Q1 2025 Trading

• The strong demand for our products experienced through the final quarter of 2024 continued into the first quarter of 2025.
• Revenue of £61m is up 19% year-on-year benefitting from acquisitions made in the prior year, and continuing strong growth for our EV offering.
• Gross margins remain healthy with stable input prices and improved manufacturing efficiency.
• Adjusted operating profit increased 8% year-on-year.

Balance Sheet and Dividend

• Bank Net Debt : EBITDA ratio of 1.7x which remains within our target range of 1-2x.
• The Group is at an advanced stage of refinancing its £120m facility agreement, to provide ongoing flexibility to invest in the organic growth of the business and further M&A.
• The Board has proposed a final dividend of 3.3p, subject to approval at the AGM today. This final dividend takes the full-year dividend to 5.0p, up 4.2% on the prior year.

Outlook

• Tariff impacts are anticipated to be minimal for the Group, as US sales of China sourced product represented only approximately £4m in 2024.
• While key industry metrics are mixed we are seeing an improving trend, spend on home improvement activity has been increasing in the UK.
• The evolving macro environment suggests we should maintain our cautious stance, and accordingly the Board's full year expectations remain unchanged.

Commenting on trading, Chief Executive Officer, John Hornby said:

"The first quarter performance has been pleasing, with momentum maintained from the end of the prior year. We continue to be encouraged by improving lead market indicators and a more stable cost environment which means we are well positioned to deliver profitable growth in 2025. Our strong market position, cash generation and balance sheet continue to enable us to invest in growth through new organic and M&A opportunities."

Ollie Hoare