Slide 1: 2024 Full Year Results
2024 Full Year Results March 2025 www.lucecoplc.com
Slide 2: Agenda
Agenda Highlights Financial Review Business Review Outlook Q&A Sync Energy “Pro Charge” Commercial EV Charger Note: ‘Adjusted’ has been used throughout this presentation and is defined in note 1 of the consolidated financial statements 2 Luceco plc 2024 Full Year Results Presentation
Slide 3: Highlights
Highlights Adjusted Adjusted Revenue Operating Profit Operating Margin £242.5m £29.0m 12.0% +16.0% +20.8% +0.5ppts vs 2023 vs 2023 vs 2023 Bank Full Year Dividend Adjusted EPS Net Debt Ratio 1.6x 5.0p 12.5p +1.0x +4.2% +12.6% vs 2023 vs 2023 vs 2023 3 Luceco plc 2024 Full Year Results Presentation
Slide 4: Highlights
Highlights • Strong revenue increase and 20.8% operating profit growth: – Strong revenue growth of 16.0% driven by organic and acquisition-led growth – Like-for-like growth of 5.8% despite a challenging UK market decline of c.2.4% – Sales growth of over 7% in the UK residential RMI sector – Operatin
Slide 5: Our competitive advantage
Our competitive advantage Strong product development created through 2024 Growth of top 10 products: +11.1% our entrepreneurial, can-do culture 2024 New marketing campaigns: 20 Superior channel access, leveraged through 2024 LFL Revenue growth: +5.8% strong brands and M&A Group M&A investment since
Slide 6: Financial Review
Financial Review Will Hoy CFO
Slide 7: Income statement
Income statement Adjusted £m 2024 2023 Change (%) Revenue 242.5 209.0 +16.0% • Revenue of £242.5m: Gross profit 97.2 82.3 +18.1% – Up 16% through both organic growth and acquisitions – Sales to UK Residential RMI particularly strong up 7% Gross margin % 40.1% 39.4% +0.7ppts – Residential growth comp
Slide 8: Revenue: Like-for-like growth +5.8%
Revenue: Like-for-like growth +5.8% Revenue Bridge (£m) 12.2 • Revenue increase of 16.0%: – Like-for-like increase of 5.8% 23.9 – Acquisitions/closures reflect the addition of LFL D-Line in February 2024 and CMD in September +5.8% 242.5 2024 (2.6) • Currency headwind on USD revenue in year • Revenue
Slide 9: Adjusted Operating Profit: Increase of +20.8%
Adjusted Operating Profit: Increase of +20.8% Adjusted Operating Profit Bridge (£m) • Strong organic growth: 3.1 – Driven by top-line growth and supplemented by efficiency improvements in the factory 1.9 – Elevated freight and material costs but well Organic Growth below pandemic highs +12.9% Acquis
Slide 10: Improving momentum in 2024
Improving momentum in 2024 2023 2024 Change 2024 v 2023 Adjusted £m H1 H2 H1 H2 H1 H2 Revenue 101.1 107.9 109.6 132.9 +8.5 +25.0 Gross profit 39.8 42.5 44.9 52.3 +5.1 +9.8 Gross margin % 39.4% 39.4% 41.0% 39.4% +1.6ppts — Overhead costs (29.0) (29.3) (32.3) (35.9) (3.3) (6.6) Operating profit 10.8 1
Slide 11: Adjusted Free Cash Flow review 2023 to 2024
Adjusted Free Cash Flow review 2023 to 2024 Adjusted Free Cash Flow bridge (£m) EBITDA Working capital £14.0m increase in Trade receivables 5.5 (17.4) Other items Capex Interest 18.0 1.0 0.4 (1.3) Tax (2.7) 3.5 2023 2024 • EBITDA up £5.5m supported by 5.8% LFL revenue growth • Working capital £17.4m
Slide 12: Free cash and Bank Net Debt
Free cash and Bank Net Debt Working capital management Bank Net Debt (£m) Covenant leverage 147 140 FY 2024 Excluding acquisitions 132 135 D-Line purchase 1.6x FY 2023 CMD purchase 68.6 FY 2022 81 76 77 76 56.6 53.8 FY 2021 47.5 40.8 1.1x 29.7 39.4 7.8 7.8 0.8x 0.6x Average Inventory Inventory (£m)
Slide 13: Business Review
Business Review John Hornby CEO
Slide 14: Underlying demand
Underlying demand Barclays Consumer Spending year-on-year UK residential property transactions (‘000s) 15% Home Improvements 105 UK (seasonally adjusted) 10% Non-essential Spend 100 Best fit (UK (seasonally adjusted)) 95 5% 90 - 85 (5%) 80 (10%) 75 (15%) 70 Addressable market forecast • DIY home imp
Slide 15: Above market organic growth
Above market organic growth Market growth drivers 1. Regulatory change and new technology 2. Investment in the built environment • New UK Wiring Regulations every c. 2 years • 4 million UK homes below Decent Homes Standard • 6m additional EV charging vehicles by 2029 3. Climate emergency • Desire fo
Slide 16: Growth through innovation: EV charging
Growth through innovation: EV charging Acquired Internalised Improved and Extended into Extended into Market-leading product / brand production cost engineered retail channel new sectors innovation 2021 2021 2023 2024 2024 2025 Acquisition of Sync EV Sync EV Wall Charger 1 Sync Energy Wall Masterplu
Slide 17: Market extension: Home Energy Management
Market extension: Home Energy Management Home Energy Management ecosystem UK Residential clean energy installations1 (units, m) EV Chargers PV Solar systems External £/kWh data Tariff / cost Weather c.2.8x 1.1m Cloud Electrical loads 0.3m Sync Energy app 0.3m 0.2m Inverter & 2024 Estimate 2030 Forec
Slide 18: 2024 M&A: D-Line and CMD
2024 M&A D-Line CMD • 29 February 2024, acquisition of D-line for £7.8m (net of • 30 September 2024, acquisition of CMD for £29.7m (net of cash) cash) • Supplier of cable management solutions consisting of • Leading manufacturer of wiring accessories for commercial decorative cable trunking and acce
Slide 19: Compounding earnings through M&A
Compounding earnings through M&A Driving double digit top line growth… …and executing within a disciplined financial framework Self-funded through strong cash flow Acquisitions to be consistent with improving generation and EBITDA growth Group operating margins Capacity to deploy c. £100m Tradition
Slide 20: Outlook
Outlook John Hornby CEO LUCECO ate
Slide 21: Outlook
Outlook • The strong performance in the final quarter of 2024 is continuing with encouraging signs in the first quarter of 2025 • With UK interest rates beginning to ease, we are hopeful that confidence in our sectors of the economy will begin to return, providing a further tailwind for our markets
Slide 22: Q&A
Q&A John Hornby CEO Will Hoy CFO
Slide 23: Appendix
as Append LUCECO ate
Slide 24: Group Overview
Group Overview Our purpose 3 reasons to invest in us Our strategy Our culture To help people harness power 01 We operate in Innovate Customer-driven attractive markets sustainably in everyday life Grow Team-focused 02 We have an advantaged business model Sustain Bold and innovative What we sell 03 W
Slide 25: What we sell
What we sell Wiring Accessories LED Lighting Portable Power 45% 32% 23% Our brands: Our brands: Our brands: Revenue: Revenue: Revenue: £108.9m £78.4m £55.2m Operating Operating Operating Margin: 17.5% Margin: 5.2% Margin: 10.5% Revenue Revenue Revenue 5-yr Organic CAGR: 3.9% 5-yr Organic CAGR: 2.4%
Slide 26: Our brands: BG Electrical
Our brands Wiring Accessories – BG Electrical Established 1941 Switches and sockets, Circuit protection, Weatherproof, Junction Product Categories boxes, Cable management 26 Luceco plc 2024 Full Year Results Presentation
Slide 27: Our brands: D-Line
Our brands Wiring Accessories – D-Line Established 2004 Decorative cable trunking and accessories, Fire-rated cable Product Categories supports, Floor cable protector, Cable organisers 27 Luceco plc 2024 Full Year Results Presentation
Slide 28: Our brands: CMD
Our brands Wiring Accessories – CMD Established 1984 Under-floor and Under-desk power Product Categories distribution solutions, On-desk and In-desk sockets, Ergonomic monitor support arms 28 Luceco plc 2024 Full Year Results Presentation
Slide 29: Our brands: Luceco Lighting
Our brands LED Lighting – Luceco Lighting Established 2013 Residential interior, Residential exterior, Commercial interior, Product Categories Commercial exterior, Work & site lighting 29 Luceco plc 2024 Full Year Results Presentation
Slide 30: Our brands: Kingfisher Lighting
Our brands LED Lighting – Kingfisher Lighting Established 1988 Product Categories Private realm exterior lighting 30 Luceco plc 2024 Full Year Results Presentation
Slide 31: Our brands: DW Windsor
Our brands LED Lighting – DW Windsor Established 1975 Product Categories Private realm exterior lighting 31 Luceco plc 2024 Full Year Results Presentation
Slide 32: Our brands: Masterplug
Our brands Portable Power – Masterplug Established 1988 Product Categories Extension leads, Cable reels, Adaptors and accessories, EV Chargers 32 Luceco plc 2024 Full Year Results Presentation
Slide 33: Our brands: Sync Energy
Our brands Portable Power – Sync Energy Established 2021 Residential and commercial EV chargers, EV charging cables, Home Product Categories Energy Management systems 33 Luceco plc 2024 Full Year Results Presentation
Slide 34: Who we sell to
Who we sell to Product segmental sales by sales channel (as % of total) – 2024 1% 6% 24% 25% 36% Professional Projects 69% 19% Professional Wholesale 25% Hybrid Retail 30% 20% 10% 56% 8% 30% 28% 13% Wiring LED Portable Total Accessories Lighting Power 34 Luceco plc 2024 Full Year Results Presentatio
Slide 35: Group history
Group history The group has developed through business combinations and organic expansion into new products and territories Management Luceco LED Jiaxing expanded British General buyout of Management Jiaxing projects to 52,500m2 wiring BG and buyout backed facility sales team Acquisition accessories
Slide 36: Capital allocation policy
Capital allocation policy 1. Dividends 2. Capex 40-60% payout 2-4% of annual revenue Progressive Product development Manufacturing capacity <3-year payback Conservative leverage 1.0x – 2.0x Progressive policy drives growth Adjusted EBITDA • Leverage target of 1.0-2.0x gives ample bank 4. M&A 3. Buyb
Slide 37: Five year revenue progression
Five year revenue progression Revenue by operating segment £m 2020 2021 2022 2023 2024 Wiring Accessories 81.3 104.5 73.7 82.6 108.9 LED Lighting 49.5 63.2 81.4 79.0 78.4 Portable Power 45.4 60.5 51.2 47.4 55.2 Total Group 176.2 228.2 206.3 209.0 242.5 Revenue by geographical location of customer £m
Slide 38: Ten year financials: income statement
Ten year financials Adjusted metrics Income Statement £m 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenue 103.1 133.7 167.6 163.9 172.1 176.2 228.2 206.3 209.0 242.5 Growth % 25.3% 29.7% 25.4% (2.2%) 5.0% 2.4% 29.5% (9.6)% 1.3% 16.0% Gross Profit 33.8 40.5 48.4 50.6 62.3 70.2 84.7 74.3 82.3
Slide 39: Ten year financials: cash flow statement
Ten year financials Adjusted metrics Cash flow statement £m 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Operating Profit 11.5 14.5 14.7 8.5 18.0 30.0 39.0 22.0 24.0 29.0 Depreciation & amortisation 2.6 3.2 4.4 6.5 7.9 6.1 6.7 7.1 7.4 7.9 EBITDA 14.1 17.7 19.1 15.0 25.9 36.1 45.7 29.1 31.4 36.9
Slide 40: Ten year financials: balance sheet
Ten year financials Adjusted metrics Balance Sheet £m 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Non-current assets 27.5 33.5 47.2 44.8 42.6 43.9 69.4 70.5 72.9 102.2 Inventory 26.2 35.4 44.2 32.8 32.2 37.2 56.6 47.5 40.8 53.8 Trade receivables 20.4 26.5 33.4 39.5 42.8 70.1 67.9 50.4 53.2 76.
Slide 41: Disclaimer
Disclaimer This presentation and information communicated verbally to you may contain certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of Luceco plc. These statements are based on current expectations an