olivLaw · European equity research
Luceco plc LUCE.L
United Kingdom · London Stock Exchange · ISIN GB00BZC0LP49 · Vertical: Listed companies from United Kingdom
Luceco plc is a British maker and distributor of home electrification products, spanning wiring accessories, LED lighting, portable power and, increasingly, energy transition products such as EV chargers. In fiscal 2025 revenue rose to £271.4m, and the company is positioned on structural growth from electrification, particularly EV charging, where revenue grew 84.7%.
At the close of 05 Nov 2026, Luceco plc (LUCE.L) stock was 1.97 GBP (−4.37% on the day), with market capitalisation 296.2 m GBP, P/E 14.7 on diluted EPS of 0.13 GBP over the last 12 months, dividend yield 2.60%, beta 0.74, 52-week range 1.29–2.90 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.2
- weak (30–45)
- Bollinger (20, 2)
- 1.96 – 2.13
- in the lower half of the band · %B 0.07 · band width 8.5%
- SMA 50 / 200
- 2.12 / 2.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.8% | −0.6% | −4.2 pp | — |
| 3 months | −12.8% | −4.2% | −8.7 pp | — |
| 6 months | −17.6% | +4.3% | −21.9 pp | — |
| Year to date | +49.5% | +7.5% | +42.0 pp | — |
| 1 year | +49.2% | +9.9% | +39.3 pp | +5.8% |
| 3 years | +80.7% | +49.8% | +30.9 pp | +26.3% |
| 5 years | −48.0% | +42.8% | −90.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 9.8, median 11.6, max 13.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 209.0 m | 242.5 m | 271.4 m |
| Revenue YoY | unavailable | +16.0% | +11.9% |
| Net income | 16.7 m | 14.6 m | 20.3 m |
| Net income YoY | unavailable | −12.6% | +39.0% |
| Diluted EPS | 0.11 | 0.10 | 0.13 |
| Diluted EPS YoY | unavailable | −11.2% | +41.1% |
| net % | 8.0% | 6.0% | 7.5% |
| Free cash flow | 22.6 m | 9.7 m | 39.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.3 m GBP
- Financial debt
- 55.2 m GBP
- Net debt
- 51.9 m GBP
- Equity
- 103.9 m GBP
- Total assets
- 251.4 m GBP
- Debt / equity
- 0.53x
- Current ratio
- 1.90x
- ROE
- 20.3%
- ROA
- 8.2%
- FCF margin
- 14.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 209.0 m | 242.5 m | 271.4 m | esef· 21 Apr 2026verified |
| Cost of revenue | 126.2 m | 145.0 m | 156.2 m | esef· 21 Apr 2026verified |
| Gross profit | 82.8 m | 97.5 m | 115.2 m | esef· 21 Apr 2026verified |
| Operating income | 22.2 m | 23.2 m | 31.6 m | esef· 21 Apr 2026verified |
| Interest expense | 3.3 m | 4.3 m | 6.9 m | esef· 21 Apr 2026verified |
| Pre-tax income | 18.9 m | 18.9 m | 24.7 m | esef· 21 Apr 2026verified |
| Income tax | 2.2 m | 4.3 m | 4.4 m | esef· 21 Apr 2026verified |
| Net income | 16.7 m | 14.6 m | 20.3 m | esef· 21 Apr 2026verified |
| Diluted EPS | 0.11 | 0.10 | 0.13 | esef· 21 Apr 2026verified |
| Dividend per share | 0.05 | 0.05 | 0.05 | esef· 21 Apr 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.6 m | 4.1 m | 3.3 m | esef· 21 Apr 2026verified |
| Receivables | 55.7 m | 80.1 m | 83.4 m | esef· 21 Apr 2026verified |
| Inventories | 40.8 m | 53.8 m | 61.8 m | esef· 21 Apr 2026verified |
| Current assets | 103.9 m | 142.6 m | 151.1 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 20.0 m | 24.7 m | 25.4 m | esef· 21 Apr 2026verified |
| Total assets | 176.8 m | 244.8 m | 251.4 m | esef· 21 Apr 2026verified |
| Accounts payable | 47.9 m | 59.2 m | 76.4 m | esef· 21 Apr 2026verified |
| Long-term debt | 22.3 m | 72.0 m | 55.2 m | esef· 21 Apr 2026verified |
| Current liabilities | 51.4 m | 63.2 m | 79.7 m | esef· 21 Apr 2026verified |
| Total liabilities | 83.0 m | 149.0 m | 147.5 m | esef· 21 Apr 2026verified |
| Equity | 93.8 m | 95.8 m | 103.9 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 154.6 m | 153.7 m | 150.4 m | esef· 21 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 29.0 m | 14.7 m | 45.0 m | esef· 21 Apr 2026verified |
| Capex | 6.4 m | 5.0 m | 5.6 m | esef· 21 Apr 2026verified |
| Free cash flow | 22.6 m ≈ | 9.7 m ≈ | 39.4 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | -9.9 m | -45.6 m | -6.7 m | esef· 21 Apr 2026verified |
| Financing cash flow | -19.8 m | 30.5 m | -39.0 m | esef· 21 Apr 2026verified |
| Dividends paid | 7.2 m | 7.5 m | 7.7 m | esef· 21 Apr 2026verified |
| Share repurchases | 1.6 m | 4.7 m | 5.3 m | esef· 21 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 70 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 296.2 m GBP
Key indicators
Coverage and freshness
Score by group
- Quality67
- Balance sheet65
- Valuation72
- Returns78
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 70/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.3% | 63 (vs peers) | 17% |
| Net margin · Quality | 7.5% | 43 (vs peers) | 10% |
| FCF conversion · Quality | 194.1% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.6x | 47 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.9x | 91 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 14.7x | 50 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 13.3% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.4% | 63 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 19.5% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet65/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality67/100 · 3/3 factors with a value
- Returns78/100 · 2/2 factors with a value
- Valuation72/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LUCECO PLC (LUCE.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 271.4 m GBP in 2025; YoY growth 11.9%; net margin 7.5%; ROE 20.3%.
The estimated value range is 1.51–2.33 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 1.93 GBP, the price of 1.97 GBP leaves a potential of -1.9% (value / price − 1) and a margin of safety of -1.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 70/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 194.1%
- Current ratio: 1.9x
- FCF yield: 13.3%
- Payout ratio (FCF): 19.5%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| LUCE.LLuceco PLC | 296.2 m | 14.7 | 20.3% | 7.5% | +11.9% | +43% / +61% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for LUCE.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.26 Total return -34% · Per year -34% | 2.22 Total return 16% · Per year 16% | 3.34 Total return 73% · Per year 73% |
| 3 years | 1.41 Total return -21% · Per year -8% | 2.78 Total return 51% · Per year 15% | 4.56 Total return 144% · Per year 35% |
| 5 years | 1.58 Total return -7% · Per year -1% | 3.48 Total return 95% · Per year 14% | 6.23 Total return 241% · Per year 28% |
- Exit P/E± 0.70
- Net margin± 0.49
- Annual revenue growth± 0.37
- Annual dilution± 0.04
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Luceco plc is a British maker and distributor of home electrification products, spanning wiring accessories, LED lighting, portable power and, increasingly, energy transition products such as EV chargers. In fiscal 2025 revenue rose to £271.4m, and the company is positioned on structural growth from electrification, particularly EV charging, where revenue grew 84.7% 1.
SWOT
Strengths
- Established brands, strong channel relationships and vertically integrated production that support cost and quality control 1.
- Strong cash generation and controlled leverage, giving flexibility for investment and acquisitions 1.
- In-house product development capability, with dedicated R&D teams in China and the UK 1.
Weaknesses
Opportunities
- Structural growth in EV charging and home energy management, where the company already has a base position 1.
- Integration of recent acquisitions could bring further synergies in sourcing, production and cross-selling 1.
- Widening the range with smart and low-carbon features could attract additional demand 1.
Risks
- Customer behaviour changemedium
Customers could reduce orders if they fail to meet their own climate targets, which could lead to lost revenue 1.
- Climate-related reputationlow
Reputational damage linked to climate change could lead to lost revenue or pressure on the share price 1.
- Extreme weather eventsmedium
Storms and other extreme events could disrupt production sites or suppliers, affecting business continuity 1.
- Tariffs and international trademedium
Changes in international tariffs could reduce profitability of activities outside the UK 1.
- Middle East uncertaintymedium
The company said the impact of the Middle East conflict is not yet known, which could affect operations in the region 1.
Investment thesis
What would need to be true (bull case)
- If home electrification and EV adoption continue, the company could benefit from structural demand in segments where it already holds strong positions 1.
- Cash generation and controlled leverage could allow further investment and well-targeted acquisitions 1.
- Integration of D-Line and CMD could deliver larger synergies than those already seen in sourcing and manufacturing 1.
What would break the thesis
- Construction demand could stay weak if consumers keep restraining spending, and energy transition growth may not be enough to offset it 1.
- International markets could remain difficult if trade tensions and tariffs persist, affecting volumes and margins 1.
- If acquisition synergies arrive more slowly than expected, profitability could fall below current estimates 1.
What to watch
- Like-for-like sales trend in early quarters, especially in the energy transition categoryQ1 2027
- Impact of the Middle East conflict on activity in the region2026
- Development of adjusted operating margin and free cash flow2026
- Progress of D-Line and CMD integration and delivery of synergies2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Luceco plc operates through four product categories: wiring accessories, LED lighting, portable power and energy transition products. Its model is vertically integrated, from design to manufacturing at its China facility, which supports cost control and quality 1. It sells to retailers, hybrid channels, professional wholesalers and projects, with more than 2,000 customers 1. In 2025 it integrated the D-Line and CMD acquisitions, both contributing to revenue and to sourcing and manufacturing synergies 1.
The strategy has four directions: growing in higher-growth segments, strengthening its position in existing markets, widening the product range and delivering synergistic growth through acquisitions. The company reports strong cash generation and leverage discipline, with Bank Net Debt leverage of 1.2x at year end 2025, within its target range 1. The dividend policy is a 40-60% payout of adjusted profit after tax, and the proposed final dividend is 4.2p per share 1.
In 2025 the company entered home energy management with the launch of its HEMs platform and raised its exposure to energy transition categories. These could become a larger part of long-term revenue if product adoption continues, though they remain a relatively small part of total activity 1.
Segments
Market context
The company operates in the British market, where the electrification of homes, workplaces and transport creates structural demand. Based on figures cited by the company, the EV charger market could exceed £300m by 2030 1. Consumer electricity use could rise from 22% to 82% of total demand by 2050 1.
Construction demand was mixed in 2025, as high living costs and economic uncertainty led consumers to moderate discretionary spending 1. Structural growth in energy transition could offset weakness in the broader market if product adoption continues at the pace observed 1.
Competitive position
The company competes in markets where established brands, channel access and production cost are decisive. The source does not explicitly name competitors, but the advantages the company cites are vertical integration, channel relationships and in-house product development 1.
The competitive advantage the company declares rests on low-cost, high-quality manufacturing and the ability to launch new products quickly. If these advantages hold, they could support a strong position against smaller or less integrated competitors 1.
- Wiring accessories manufacturers
The source does not name specific competitors; British wiring accessories and lighting producers are relevant without explicit identification in the report.
- LED lighting producers
The source does not name specific competitors; competition in LED lighting is mainly on price and professional distribution channels.
- EV charger suppliers
The source does not name specific competitors; the charger market is expanding and competition could rise with demand.
- Portable power suppliers
The source does not name specific competitors; the portable segment includes both consumer brands and specialist producers.
News & filings
In the press
- Luceco H1 Earnings Call HighlightsYahoo Finance — News · 22 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Luceco plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.