Oxford-based Lucy Group Ltd, a multinational company that makes the built environment sustainable, today announces record results for the year ending 31st December 2024.
The company continues to show strong global growth, profitable sales and a growing customer base. Turnover rose to £409.3m, with property rental income at £9.9m. This growth follows solid performances in the preceding four years and significant investment in product innovation, new facilities, and manufacturing capabilities while maintaining a cash inflow.
Results – key highlights
Strong demand for electrification and grid resilience fuels significant growth
Strong sales of secondary power distribution products and services in the Lucy Electric business unit were driven largely by the macro trends of electrification, energy decentralisation, and the need for energy independence.
Rising energy consumption and the integration of multiple renewable power sources requires grids to increase capacity and handle higher loads. This is fuelling demand, both for Lucy Electric’s switchgear products and for its advanced monitoring and control capabilities to enhance grid resilience.
In the Lucy Controls business unit, High Rupturing Capacity (HRC) fuses benefited from investment in energy infrastructure in the domestic UK market, while the growth of electric vehicle charging infrastructure and intelligent street lighting boosted demand for feeder pillars, lighting components and smart city solutions.
Product innovation powering the transition to sustainable energy networks
2024 not only marked a year of robust sales growth, but also significant investment in product development and innovation. Underscoring Lucy Electric’s commitment to its utility partners, the business has increased its investment in R&D over the last four years to develop EcoTec, the UK’s first non-SF6 ring main unit. EcoTec is helping grid operators achieve NetZero and enabling them to save more than 33 tonnes of CO2 per unit.
Real Estate business remains robust
In the Group’s real estate businesses, Lucy Properties enjoyed favourable conditions in the rental market, with demand outstripping supply. Occupancy levels remained at 99% and the business achieved an 89% Net Promoter Score among tenants. While high interest rates dampened new home purchases, Lucy Developments made good progress on two larger sites (comprising a total of 86 units) to increase its revenue stream and provide economies of scale.
Commenting on 2024 and the year ahead, Richard Dick, Executive Chairman of Lucy Group said: “2024 has been an exceptional year and, for this, I would like to extend my thanks to our hard-working employees.”
“Strong demand for electrification has fuelled our growth journey. As a result, this year we have made major investments in manufacturing capacity, as well as in plant, equipment, and data collection. Given the trend towards localisation, this approach serves us well, while also enabling us to be flexible in balancing the utilisation of capacity across our operations globally.”
“We expect 2025 to be a more challenging year given the geopolitical uncertainties but, as long as we remain agile in response to changing market requirements and are able to leverage our key strengths, the future for Lucy Group remains very positive.”
In recognition of his success as Executive Chairman of Lucy Group since 1990, Richard Dick has received two prestigious awards in the past six months: CEO of the Year (Thames Valley 250 Awards) and Lifetime of Achievement Award (Thames Valley Business & Community Awards).
Lucy Group’s full 2024 Annual Report & Accounts can be accessed from the Investors section of the Group website.
