Turnover up 15 per cent as Oxfordshire’s Lucy Group posts record results

Lucy Group, an Oxfordshire business specialising in power distribution, smart lighting and real estate, has posted record results for the year ended 31 December 2023.

Turnover at the firm grew by 15 per cent to £359 million, while profit before tax increased by 69 per cent to £59 million.

The group’s electrical businesses saw growth thanks to an improved product mix and increased proportion of smart solutions within the portfolio – as well as the calming of raw material and logistics costs post-Covid.

As for real estate, Lucy Properties benefited from a favourable market for rental units, though Lucy Developments was impacted by factors affecting both the affordability and delivery of new builds.

Richard Dick, executive chairman of Lucy Group, said: “With a backdrop of challenging global markets and increased competition in key sectors, we’ve achieved a landmark performance.

“Our record results are a testament to our people and strategy.

“This year saw the start of significant investment in manufacturing facilities in India, Saudi Arabia and the UAE to increase capacity and capability, as well as a new regional headquarters in Saudi Arabia.

“Our outlook remains optimistic, despite difficult conditions in some markets and a dip in order intake towards the end of the year.

“We’re confident in our strategy and that our focus on quality, smart products, and customer care positions us well to capitalise on the global trend toward intelligent energy infrastructure and smart city solutions.

“We know that competition is tough, and may increase in certain growth markets, so we must continue to adapt and remain at the forefront.”