26th Mar 2025 11:10
(Alliance News) - Luceco PLC on Wednesday said its pretax profit was flat in 2024 despite higher revenue, boosted by strong demand in the final quarter.
The London-based lighting manufacturer and distributor said pretax profit was GBP18.9 million in 2024, unchanged from the prior year.
Revenue increased 16% to GBP242.5 million from GBP209.0 million, while cost of sales climbed 15% to GBP145.0 million from GBP126.2 million.
The company said it continued to take market share with organic growth of 5.8%, compared to a 2.4% decline in the wider market.
Luceco proposed a full-year dividend of 5.0 pence per share, up 4.2% from 4.8 pence in 2023.
It said the do-it-yourself Retail sector was showing "early signs of recovery" while infrastructure markets "remain more challenging".
Sales in the electric vehicle product offering increased 26% during the year.
Basic earnings per share fell 12% to 9.5 pence from 10.8 pence.
The company faced GBP3.8 million of acquisition-related costs and GBP2.3 million for amortisation of acquired intangibles during 2024.
Adjusted pretax profit climbed 17% to GBP24.9 million from GBP21.2 million.
Looking ahead, Luceco said strong momentum from the end of 2024 has continued into the first quarter of 2025.
The firm said it was hopeful that consumer and economic confidence in the UK would return as interest rates begin to ease.
Luceco said it has a strong new product pipeline in high growth markets including EV charges for commercial premises, home energy management systems for integrating residential batteries and photovoltaic solar systems.
Chief Executive Officer John Hornby said: "These results represent a strong year of growth in 2024, despite a lacklustre UK macroeconomic environment, with a particularly encouraging final quarter of the year. This trading momentum has continued in the opening quarter of 2025 and we look forward to further growth this year - particularly with improving end-market dynamics.
"I am encouraged by our improving lead market indicators, and our underlying trading since the year end which leaves us well positioned for further growth as we progress through 2025."
Luceco shares were down 1.8% to 146.46 pence in London on Wednesday morning.
By Michael Hennessey, Alliance News reporter
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