Luceco (LUCE) Q2 2025 TU earnings summary

Executive summary

• H1 2025 revenue grew approximately 15% to around £125m, driven by acquisitions and strong EV charging product demand.

• Adjusted operating profit increased by about 10% year-over-year, expected between £13.5m and £13.8m.

• Integration of CMD acquisition progressing well, supporting future growth.

Financial highlights

• Adjusted operating profit margin at approximately 11%, with some seasonal headwind.

• Bank Net Debt to EBITDA ratio at about 1.6x, within the 1-2x target range.

Outlook and guidance

• Full year expectations remain unchanged, supported by strong market position and cash generation.

• Positive momentum in consumer and retail demand indicators continues.

• Limited direct exposure to US/China tariffs, now only about £1m of sales in H1.