BRINGING POWER TO LIFE
Our purposeOur mission
To help people harness power sustainably in everyday life.
To build a leading portfolio of thoughtfully designed and diligently made products that provide environmentally responsible electrical and lighting solutions to our customers.
To continually invest to sustain the competitive advantage provided by our people, culture and business model.
Our strategyOur culture
Grow - to maximise sales of both existing and new products to an increasing customer base
Innovate - we are led by our customers to innovate brilliant products in an agile and entrepreneurial manner
Sustain - to invest across our business from manufacturing and fulfilment to customer service, to sustain our competitive advantage and to contribute increasingly to society's sustainability goalsCustomer-driven - we understand what our customers want Team-focused - our people are our key differentiator, they are agile, loyal and energetic Bold and innovative - our rapid growth is due to bold implementation of innovative thinking
Principled - We do what is right and we hold ourselves to the highest ethical standards
Find out more on pages 28 and 29
Find out more on pages 32 and 33
Financial and ESG highlights
Revenue
£228.2m
2020: £176.2m
Gross profit
£84.7m
2020: £70.2m
Operating profit
£35.3m
2020: £29.6m
Adjusted1 Operating Profit
£39.0m
2020: £30.0m
Earnings per share
17.6p
2020: 18.0p
Adjusted1 Earnings Per Share
20.2p
2020: 15.5p
ESG - emissions
ESG - low carbon sales
Carbon Neutral 25%
operations in 2021
ESG - employee satisfaction2
90.5%
revenue from low carbon products in 2021
2020: 86.1%
1. The definitions of the adjustments made and reconciliations to the statutory figures can be found in note 1 of the consolidated financial statements on page 118 and are used throughout this document. The measures provide additional information for users on the underlying performance of the business, enabling consistent year‑on‑year comparisons.
2. Percentage of UK employees fairly or very satisfied with their employer.
What's inside
Strategic Report
Directors' Report
Financial Statements
01 Financial and ESG highlights
02 How we Bring Power to Life
06 At a Glance
07 Three Reasons to Invest in Us
08 Review of the Year
10 Chairman's Statement
12 Chief Executive Officer's Review
16 Chief Financial Officer's Review
26 Our Attractive Markets
28 Our Advantaged Business Model
30 Business Model in Action
32 Strategy
34 Strategy in Action
40 Key Performance Indicators
42 Environment, Social and Governance
56 Our Stakeholders
60 Principal Risks and Uncertainties
66 Viability Statement
68 Chairman's Introduction
70 Board of Directors
72 Corporate Governance Report
78 Nomination Committee Report
80 Audit Committee Report
84 Remuneration Committee Report
100 Other Statutory Disclosures
104 Statement of Directors' Responsibilities
105 Independent Auditor's Report
113 Consolidated Income Statement
113 Consolidated Statement of Comprehensive Income
114 Consolidated Balance Sheet
115 Consolidated Statement of Changes in Equity
116 Consolidated Cash Flow Statement
117 Notes to the Consolidated Financial Statements
154 Company Balance Sheet
155 Company Statement of Changes in Equity
156 Notes to the Company Financial Statements
160 Company Information
162 Advisers
164 Notes
HOW WE BRING POWER TO LIFE
Design
We are the innovators within the product categories we serve. Innovation allows us to up-sell and improve profitability.
• We bring new ideas to market quickly
• Our designs offer great quality at a great price
• Our designs start with the customer in mind
We constantly strive to find new ways to further improve the performance of our products. Ultimately, our goal is to create cutting-edge designs, which result in happy customers with a lower carbon footprint too.
SIMON SHENTON
HEAD OF LED DEVELOPMENT
HOW WE BRING POWER TO LIFE
Make
• We operate a vertically integrated manufacturing model
• Our production output is agile, particularly during COVID-19
• Our facilities are well invested, allowing us to make high quality, low cost products
• We have long-established OEM partners
• Our customers know where our products come from and the conditions in which they are made
Our products are designed to maximise automation in our sites; we benefit from scale and our fully owned, well-invested manufacturing facility means we have visibility regarding supply and more control over cost.
RONNIE YU
ASIA MANAGING DIRECTOR
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Luceco plc published this content on 25 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2022 09:55:05 UTC.