Lucy Group’s 2022 Annual Report & Accounts has been approved by shareholders at the Annual General Meeting held at Group head office in Oxford.

The Group’s overall performance in 2022 was strong, with record turnover exceeding £313m and an order intake of just under £400m.  Profit Before Tax was a healthy £35.3m, a 16% decrease on last year. The decrease was largely due to a £0.9m investment property loss (compared to a £4.2m gain the prior year) and also due to margins being squeezed by external cost pressures, including high commodity, freight and semiconductor prices.

Commenting on the Group’s outlook, Richard Dick, Executive Chairman, said:

“The outlook in many sectors is challenging, but the Group’s diversified product portfolio provides some risk mitigation, while our strong balance sheet has served the business well over the years. Our approach facilitates flexible strategic thinking, our business activities present long-term opportunities, and the strength of our order book provides assurance going into 2023.

We move forward with confidence in our people, values and strategy. Continued investment in new product technologies and value engineering, an international outlook, and disciplined execution of our objectives provide a strong foundation for future performance. We continue to face headwinds, including ongoing demand constraints in certain regions. Inflation, supply chain restrictions, capital equipment lead times and skills shortages will continue to have some impact on performance for the coming year.

The global trend for renewable energy and electric vehicles is likely to create increased demand for our products. Our equipment and know-how support the transition to renewable energy and the connections to meet increasing demand for electric power. Our intelligent street lighting and EV charging solutions support smart cities, with control automation that delivers operational and cost efficiencies. Our real estate businesses seek to support sustainable living by moving towards energy saving technologies and eco-friendly materials.”