Lucy Group Makes Strategic Progress in 2015
The Lucy Group has announced a strong set of financial results for the year ending 31 December 2015, with sales growth of 35% compared to 2014. Turnover for the year stood at a record £217m (2014: £161m) with the gains driven mainly by organic growth in both Lucy Electric and Lucy Developments and with recent acquisitions contributing £3m.
Profit before tax for the year was £18.7m (2014: £24.3m) as the strategy of ongoing investment in all areas of the Group saw increased expenditure and operational costs.
The Group spent £4.3m on two key strategic acquisitions during the year, purchasing the GridKey business from Selex ES (part of the Finmeccanica Group) and in October acquiring the remaining 50% of its CG Lucy Switchgear Ltd joint venture (now renamed Lucy Electric India (Private) Ltd). Both acquisitions provide compelling synergies in terms of improved access to technology and geographical markets.
Executive Chairman Richard Dick:
“I am pleased to report we made good progress in 2015 both in terms of increased revenues and in completing two important strategic acquisitions, which provide us with valuable technological and geographical reach. We continued investing across all our businesses in people, product development and sales coverage. Adverse macro-economic factors and ongoing political instability in the Middle East make 2016 more challenging, but we are well placed to trade through tougher conditions and remain focused on our objectives”
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