What we do
Luceco’s products provide power and light throughout the built environment. They contribute increasingly to the net zero economy.
They illuminate your bathroom as you shower. They power the kettle boiling your morning tea. Increasingly, they charge your car for the morning commute. They light your road to work. They provide power and data to your office computer. They spread WiFi throughout your house. They turn on your lights automatically when you return home.
Luceco’s increasing presence in the built environment has been driven by innovation. We have built our product range from within. Innovation is in our DNA.
We invest in it. We celebrate it. We pioneer it. We take pride in improving the experiences of our customers. It is a key part of our advantaged business model. 50% of the revenue we have today is from products launched within the last three years. The timeline below illustrates some of the key milestones in our innovation journey:
Luceco Lighting brand launched
First to launch
First to launch
Launch of home automation range
Launch of electric vehicle chargers
Launch of commercial
Power and light are essential elements of modern life. They must be distributed widely, consistently and safely. The cost of getting it wrong can be high. Our customers trust us to get it right.
We have pressed ahead with our manufacturing transformation project at our factory in China despite the disruption of COVID-19.
This project has already delivered a 9% reduction in product costs over three years. We believe there is the potential for a similar improvement over the next three years.
Key to our progress has been the introduction of a new factory management team. They have redirected the team’s efforts from a previous focus on capacity expansion towards efficiency improvement. A new sourcing team conducted 250 tender processes in 2020, yielding significant savings. We have introduced automation to high volume manufacturing processes.
We have introduced lean concepts to product assembly. A Company‑wide cost-saving ideas initiative has proved very popular, generating 500 ideas from team members, of which three-quarters have already been implemented. This highlights the power of our people-focused, enabling culture.
But our search for operational excellence is not confined to manufacturing. We are also investing in our fulfilment capability and in best-in-class systems across the business.
Number of New
Investment in environmental and automation efficiencies
Our business is diverse but synergistic.
We sell a broad but coherent range of products that share sales channels and manufacturing footprint.
Our products are installed by consumers and professionals alike.
They are used in many different environments from residential to commercial to institutional.
They are most often installed in existing premises rather than new, reducing cyclicality.
A diverse but synergistic product range sold through diverse sales channels offers resilience when demand changes in individual market sectors.
COVID-19 proved the benefit of our diversity. In the first half of the year, Retail channels performed well when Professional Wholesale channels slowed. This then reversed in the second half.
Our portfolio of products and channels is the key to our sustainable growth.
We are also increasing our presence overseas to reduce reliance on the UK market and maximise revenue from our product portfolio. International sales growth is one of our six strategic priorities.