Luceco, a UK-based designer and manufacturer of residential and commercial electrification products, reported £142.6 million in revenue for the first half of 2026, an increase of 13.4% from £125.7 million a year earlier. Adjusted operating profit increased 14.5% to £15.8 million, supported by substantial growth in its Energy Transition business and continued expansion across its core electrical product categories. Following the results, the company said it expects full-year 2026 adjusted operating profit to exceed market expectations.
For the six months ended June 30, 2026, Luceco generated £12.9 million in adjusted profit before tax, compared with £10.8 million during the first half of 2025.
Adjusted profit after tax increased to £9.9 million from £8.9 million, while adjusted basic earnings per share rose to 6.7 pence from 5.9 pence.
On a statutory basis, operating profit remained unchanged at £11.6 million. However, statutory profit before tax increased to £9.1 million from £7.8 million, while profit after tax rose to £6.9 million from £6.6 million.
The company’s adjusted operating margin improved slightly to 11.1% from 11%.
Luceco’s growth was driven primarily by its Energy Transition activities, which include electric vehicle charging infrastructure, home energy management systems, and other technologies supporting the electrification of transportation and buildings.
Energy Transition revenue increased 119.5% year over year, reaching approximately £18 million during the first half of 2026. The business has expanded substantially from approximately £2 million in first-half revenue in 2022.
The company’s core electrical products business also reported growth of approximately 6.5%, demonstrating continued demand across its established product categories.
Luceco experienced an acceleration in sales growth as the first half progressed, reporting like-for-like growth of 12.9% in the first quarter and 14.9% in the second quarter.
Its Professional Wholesale channel benefited from the expansion of electric vehicle charging products and related technologies, delivering 33.7% like-for-like sales growth.
The Hybrid and Retail channels generated like-for-like growth of 8.7%, while Professional Projects achieved growth of 6.1%.
Luceco continued expanding its product portfolio during the period, including the introduction of its next-generation Sync Energy EV charging products and additional electrical infrastructure solutions.
The company also advanced its Demand Flexibility business, which enables compatible electric vehicle chargers to participate in electricity demand management programs.
As of its interim results announcement, Luceco had approximately 30,000 chargers enrolled in its Demand Flexibility program. The company expects its growing installed base of chargers to contribute to recurring revenue as participation expands.
In addition to organic growth, Luceco continued integrating recent acquisitions, including CMD and D-Line.
CMD delivered approximately 13.3% sales growth during the first half of 2026, benefiting from operational improvements and integration initiatives.
The company has also been implementing structural cost reductions, including the consolidation of certain manufacturing and operational facilities.
Luceco reported £69.6 million in bank net debt at June 30, 2026, compared with £68 million a year earlier. Its bank net debt-to-EBITDA ratio improved to 1.5 times from 1.6 times.
Adjusted free cash flow was negative £2.1 million, compared with positive free cash flow of £10.3 million during the first half of 2025.
The board increased the interim dividend by 16.7% to 2.1 pence per share, compared with 1.8 pence a year earlier.
The results also follow leadership changes at Luceco. Dr. Thorsten Müller became CEO on September 1, 2026, while Andrew Mines joined the board as a nonexecutive director on August 1.
Based on the first-half performance and its expectations for continued demand, Luceco raised its full-year profit outlook. Company-compiled analyst consensus as of September 21, 2026, indicated adjusted operating profit expectations of approximately £40.9 million.
The company expects growth in its Energy Transition business, improving operational efficiency, and continued performance from its established product categories to support profitability during the remainder of 2026.
