Luceco, the designer and manufacturer of residential and commercial electrification products, reported revenue of £143m for the six months to 30 June, up c.13% from £126m a year earlier.
Growth accelerated through the first half, rising to c.15% in the second quarter from 11% in the first, driven by Energy Transition revenue including EV charging and Demand Flexibility, which surged c.120% year-on-year, alongside c.6% growth in core products.
Adjusted operating profit rose c.14% to c.£15.8m from £13.8m, with margin edging up to 11.1% from 11.0% despite input commodity cost pressures.
"Luceco delivered another strong first half, with revenue up c.13% and adjusted operating profit up c.14%", said chairman Giles Brand, adding that the group remains confident of delivering full-year adjusted operating profit above £40m.
Bank net debt rose slightly to £69.6m from £68m, reflecting inventory investment ahead of the second half, though leverage improved to 1.5 times EBITDA from 1.6 times, within the group's 1-2 times target range.
Changes to the regulated mechanics of Demand Flexibility are expected to reduce recurring revenue per EV charger toward a more sustainable level early in the second half, consistent with the board's prior expectations.
With greater clarity on that economics and continued UK operational efficiency gains, the board now expects 2027 adjusted operating profit to exceed current market expectations, which stood at £42.3m as of 27 July.
The board is in advanced discussions with candidates to appoint a permanent chief executive, with half-year results due 22 September.
