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Luceco PLC on Tuesday lifted its annual payout and said it has continued its ‘long history of market outperformance’ with another strong showing in 2021.
In addition, the LED lighting manufacturer and distributor said it has taken sole ownership of a UK-based electric vehicle charge point business, forking out £10 million.
In 2021, Luceco's revenue rose 30% to £228.2 million from £176.2 million. However, pretax profit fell by 0.9% to £33.3 million from £33.6 million. Profit was hurt by an absence of £5.3 million in finance income it posted in 2020.
Luceco upped its dividend to 8.1 pence per share, up 31% from 6.2p in 2020.
‘Luceco has a long history of market outperformance. The accelerated progress we have made over the last two years, in which our profit has doubled, is the product of our market focus and business model,’ Chief Executive John Hornby said.
‘Such strong progress in 2021 naturally creates a tough comparative, particularly in the first half when UK residential RMI activity was at a lockdown-driven peak. We therefore expect revenue in the first half of 2022 to be broadly in line with last year. We are mindful that recent geopolitical developments, and their associated impact on inflation, may make progress harder during the year.’
Also on Tuesday, the company said it is acquiring the remaining 80% of EV Charge Points UK T/A EVCP Ltd, or Sync EV, for £10 million.
Luceco had acquired a 20% stake in Surrey-based Sync EV back in August.
The Surrey-based firm specialises in supplying smart charge points for residential installations.
‘Luceco has a large market share of UK residential electrical products and replicating this share within the rapidly growing residential EV charging category, as well as exploring new sales channels in both the UK and overseas, is a huge growth opportunity for the group,’ Hornby said.
Luceco shares were 0.6% higher at 234.50 pence each in London on Tuesday morning.
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