Luceco Raises 2026 Profit Outlook After 13% H1 Sales Growth

Luceco said it expects 2026 adjusted operating profit to beat market expectations after first-half revenue rose 13.4% to £142.6 million. Adjusted operating profit climbed 14.5% to £15.8 million in the six months ended June 30.

Energy-transition revenue more than doubled to £18 million, led by products tied to electrification. The company said revenue in its core business, excluding that activity, grew 6.5%.

Growth reached all three operating segments, all four sales channels and every geography, finance chief Will Hoy said. Portable Power delivered the largest profit contribution, adding £2.3 million in adjusted operating profit.

Luceco raised its interim dividend 16.7% to 2.1 pence per share. Adjusted earnings per share increased 13.6% to 6.7 pence, while adjusted profit before tax rose 19.4% to £12.9 million.

Cash flow was weaker: adjusted free cash flow was a £2.1 million outflow, versus a £10.3 million inflow a year earlier. Luceco said it built inventory for expected second-half demand; working capital was a £10.1 million cash headwind.

Net debt stood at £69.6 million at the half-year, up from £68 million a year earlier. But leverage improved to 1.5 times earnings before interest, taxes, depreciation and amortization, from 1.6 times.

New chief executive Thorsten Müller, who joined in early September, pointed to electrification as a growth driver. Luceco said its Demand Flexibility charger-management platform had more than 30,000 active chargers, offering potential for revenue beyond the initial equipment sale.

The company also plans products including high-power charging and vehicle-to-grid systems. Investors will watch whether second-half demand converts into profit and cash, as management expects lower cash generation than in 2025.