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Investing.com - Luceco plc (LSE:LUCE) reported a 14.7% increase in first-half revenue to £125.7 million on Tuesday, driven by strong growth in its EV charging business and recent acquisitions. Shares in the electrical products manufacturer rose 6.06% following the results.
The company’s adjusted operating profit grew 9.5% to £13.8 million for the six months ended June 30, 2025, with EV charging revenue surging 93% during the period.
This strong performance in the emerging EV sector helped offset weaknesses in some international markets, as the company continued to outperform the broader UK construction market.
"I am pleased with the first half trading performance," said CEO John Hornby. "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."
Like-for-like revenue growth was 2.0% overall, with the UK market showing stronger growth of 3.6%.
The company noted an encouraging acceleration from Q1 to Q2, with like-for-like growth improving from 0.6% to 3.2%. Acquisitions contributed 14.1% to the revenue growth.
Adjusted earnings per share increased 3.5% to 5.9p, while the company declared an interim dividend of 1.8p per share, up 5.9% from the previous year.
Luceco maintained a solid balance sheet position with a Bank Net Debt to EBITDA ratio of 1.6x, within its target range of 1-2x.
The company reported strong cash generation with adjusted free cash flow of £10.3 million, compared to a negative £1.7 million in the same period last year.
"We are optimistic that confidence in our sectors of the economy will recover further in the second half of 2025," Hornby added.
"The Group’s trading remains in line with expectations for further growth in the year ending December 2025."
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