Luceco Plc Financial Performance Analysis Case Study

1.0 Introduction

Financial analysis refers to the process of evaluating the business budget process, and related transactions to identify the suitability and performance of the business entity. Economic analysis is the crucial aspect of each organization as it supports assessing the managerial effectiveness and operational efficiency of the business based on which informed decisions could be taken. This process also assists in identifying the current position of the organization and helps in managing the capital structure of the business entity. The current report is based on an analysis of Luceco Plc's financial statement to identify the firm’s profitability and overall performance. Further various models will be implemented to effectively evaluate the financial ratio of the business entity. Pestle and SWOT analysis of Luceco Plc will also be discussed in the report to identify various external and internal factors which is influencing the performance and productivity of the company.

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1.1 Overview of Luceco Plc

Luceco Plc is a UK-based company that is involved in providing a large number of electric products to customers (Description of Luceco Plc, 2024). The firm was established on 11 Oct 2004 as a public limited company in Shropshire, UK. John Horn is the CEO of the Luceco Plc and employs more than 1590 workers. The average volume of Luceco Plc is 193.1 K and has market capiltized value of 245.70M GBP. Dextralumun, Dailight, Dextra and softeq are the major comptietirs of the business entity.

1.2 Overview of Dailight Plc;

Dailight Plc is a British electronic organization that is a specialist in light-emitting diodes and it is situated in London. The company was established 86 years ago in Ayer in 1938 by David Blood and Friyal Knadbal (Description of Daylight, 2024). The firm operates in a large number of countries including North America, Mainland, Europe, Asia, Australia, the UK and South America. The firm has having annual revenue of 151 million pounds and has three crucial divisions that include signals and illumination, optoelectronic and solid-state lights.

1.3 Overview of Industry

The electronic industry of the UK covers a large number of organizations including optical devices, medical electrical equipment, circuit boards, computer hardware and other appliances. The electronic industry of the UK has shown a drastic growth rate and it is estimated to rise by 4% in upcoming years (Electrical Industry of UK, 2023). The industry is contributing 16.49 billion towards the country’s GDP which play a crucial role towards overall growth and development.

2.0 Evolution Of Financial Performance

2.1 Profitability ratio of Luceco Plc form year 2019 to 2023

Particulars	Formula	Year
2019	2020	2021	2022	2023
Gross Profit	64.6	70.2	84.7	68	82.8
Net profit	13.1	27.9	27.1	11	16.7
Sales revenue	172.1	176.2	228.2	206.3	209
Earnings before interest and tax or operating profit	19.9	29.6	38.3	12.9	22.2
Capital employed	76.6	95.3	132.3	124	125.4
Average total assets	119.8	283.5	366.7	381.1	354.9
Investment	0	1.4	6.4	0.5	2.7
GP ratio	Gross profit / sales * 100	38%	40%	37%	33%	40%
NP ratio	Net profit / sales * 100	8%	16%	12%	5%	8%
Return on capital employed (%)	EBIT / capital employed	26	31	29	10	18
Return on assets (%)	Net profit / average total assets	11	10	0.7	3	5
Return on Investment (%)	(Net profit /investment)*100	0.00	19.93	4.23	22.00	6.19

Ratio	Year
2019	2020	2021	2022	2023
Luceco	Luceco	Dailight	Luceco	Dailight	Luceco	Dailight	Luceco	Dailight	Industry Average (5 year)
GP ratio	38%	40%	28.57%	37%	35.71%	33%	32.17%	40%	37.74%	36.79%
NP ratio	8	16%	-6.64%	12%	0.08%	8%	0.24%	5%	11.95%	11.78%
Return on capital employed (%)	26%	31%	-7.7%	29%	16%	10%	14%	18%	1.2%	20
Return on assets (%)	11%	10%	-6.74%	7%	8%	3%	28%	5%	-15%	8%
Return on Investment (%)	0	19.93%	12.2%	4.23%	5.2%	22%	4.3%	6.19%	0.06%	14.96%

Interpretation:

Gross profit ratios: There is increase in ratio over time which denotes the efficiency of the firm in meeting future expenses. It has been identified that in the year 20221 and 2002 firm’s profits decreased but eventually organization was able to increase its overall Gross profits (Financial statement of Luceco Plc, 2023). This situation has arisen as the firm was unable to control its overall cost and employees are not efficient which results in reducing Gross profits (Alcalde, Alonso de Armiño and García, 2022). While comparing the firm GP ratio with Dailight, it has been identified that the firm has had a higher amount of profit throughout five years which denotes a high competitive edge in the industry. Luceco can provide efficient quality goods and services that help in attaining the industry average. For increasing the GP ratio, managers should emphasize investing in marketing strategy which will help in attaining economies of scale ending up improving overall profits. The firm should focus on renegotiating terms and changing order schedules which support decreasing COGS and improving gross profits

Net profit: After analyzing the financial statement, it has depicted that the firm’s net profit ratio is highly fluctuation which denotes that the organization’s pricing strategies are not effective and highly inefficiency of the management (Awalakki and HN, 2021). However firm can increase its net profit in the year 2023 but the company is incapable of attaining the industry average. Further, the net profit of Dailight is higher than Luceco Plc indicating an urgent need to revise the pricing of the business entity. To overcome the situation, the firm should order material in large quantities which will help in reducing costs. Customer retention policies should be indicated which help in increasing sales and overall profitability.

Return on capital employed: There is a large amount of variation in the ROCE ratio of Luceco Plc and it has shown a decreasing pattern indicating the inefficiency of managers in utilizing capital. In recent years, the firm has not been able to meet the industry averages but the firm can gain higher returns than competitors (Balta-Ozkan et al, 2021). To increase the ROCE, the manager of Luceco Plc should emphasize streamlining operations, review their pricing strategies, and optimum allocation of resources which aids in improving return. For effective allocation, the manager should focus on analyzing past data based on which most informed decisions could be undertaken.

Return on assets: After analyzing the firm’s financial statement, it has been identified that there is a diminishing pattern in ROA indicating ineffective utilization of the firm’s funds in generating profits (Batrancea, 2021). While comparing it with Daylight it has depicted that the firm is gaining high returns but is inefficient in meeting industry averages. For improving ROA, the organization should emphasize increasing net income by investing in adequate marketing strategies. Further managers should negotiate with suppliers for better deals and explore markets for high sales.

Return on investment:  There is a huge deviation in the ROI ratio of Luceco which designated that the firm is not able to earn an adequate return on by their investment. It also indicates the inefficiency of managers in investing a firm’s profits ending up decreasing overall return (Boneva et al, 2022). In the years 2022 and 2020 organization can attain industry average but recently firm is not able to attain the optimum outcome. Managers should focus on increasing revenue and sales through which RPI could be enhanced. Firms should focus on improving the quality of products and services by using low-cost and high-return marketing strategies that are underpinned by obtaining higher outcomes.

2.2 Liquidity ratio of Luceco Plc form year 2019 to 2023

Particular	Formula	Year
2019	2020	2021	2022	2023
Current assets	77.2	119.8	133.6	107.6	103.9
Current liabilities	43.2	68.4	70.7	54.1	51.4
Inventory	32.2	37.2	56.6	47.5	40.8
Prepaid expenses	0.8	1.7	1.8	2.5	2.5
Quick assets	44.2	80.9	75.2	57.6	60.6
Cash	-2.8	5.3	0.2	-1.6	-0.7
Cash outflow	1.4	6.7	6.9	5.3	4.6
Cash ratio	Cash/current liabilities	-0.06	0.08	0.00	-0.03	-0.01
Net working capital ratio	Current assets -current liabilities	11.00	31.20	14.10	6.60	10.60
Liquidity coverage ratio	(Liquid Assets/total cash outflow) 100	31.57	12.07	10.90	10.87	13.17
Current ratio	Current assets / current liabilities	1.79	1.75	1.89	1.99	2.02
Quick ratio	Quick assets/Current liabilities	1.02	1.18	1.06	1.06	1.18

Ratio	Year
2019	2020	2021	2022	2023
Luceco	Luceco	Dailight	Luceco	Dailight	Luceco	Dailight	Luceco	Dailight	Industry Average (5 year)
Cash ratio	0	0.08	-0,2	0	0.2	-0.03	0,4	-0.01	0.3	0.7
Net working capital ratio	11	31.2	16.2	14.1	2.7	6.6	3.4	10.6	11.8	12
Liquidity coverage ratio	31.57	12.07	1.93	10.9	2.11	10.87	2.11	13.17	14.12	20
Current ratio	1.79	1.75	1.96	1.89	1.76	1.99	1.98	2.02	2.67	1.56
Quick ratio	1.02	1.18	0.84	1.06	0.68	1.06	0.74	1.18	1.3	0.82

Interpretation:

Cash ratio: The cash ratio of Luceco Plc is negative which denotes that the firm will not be able to pay off all its short-term liabilities by utilizing cash. This stipulated the inefficiency of the firm in timely receiving cash from its debtors and low cash inflow (Capuder et al, 2020). Meanwhile, Daylight has better cash flow which denotes the effective liquidity position of the firm. To improve the cash flow, the Manager should emphasis leasing assets then buying and provides discounts for early payment which aids in managing the cash inflow of the business entity.

Net working ratio: The above analysis has depicted that the firm can maintain the industry average for NWR denoting a high ability to pay off all its liability. However, in some years the ratio is very high which denotes the inefficiency of the firm in using excess funds for growth purposes (Capuder et al, 2020). To maintain the Net working ratio, the firm should adopt an effective inventory management system that aids in avoiding situations of over or under-investment of the firm’s funds.

Liquidity coverage ratio: The LCR ratio of Luceco PLC is reducing over time which denotes that firm investment towards quick assets is reducing. Further, for the last 5 years organization is not able to meet the industry averages, while comparing it with the Dailight financial statement, it has been identified that the firm has having better liquidity position (Chien et al, 2021). To enhance the ratio, the manager should reduce investment toward inventory and delay all the fixed asset purchases, rather focuses over acquiring liquid assets.

Current ratio: Luceco can maintain a current ratio throughout the five years which indicates the efficiency of the business entity in paying off all the liabilities. However, Luceco and Dailight both have having very high ratio than the industry average which is not a good indicator. A very high ratio depicts poor cash management, lack of profitability investment and ineffective inventory management (Choudhary and Limodio, 2022). To maintain an adequate current ratio, the manager should pay off some of its long-term liabilities which reduces the excessive current assets of the firm. Further, an effective inventory management system should be adopted so that excessive funds could be used for expansion purposes.

Quick ratio: After interpreting the above statement, it has been recognized that a firm’s quick asset ratio is much higher than the industry average indicating ineffective utilization of its resources (Delmonte et al, 2020). To reduce quick ratio, firms should invest money towards fixed assets which will aid in gaining better returns.

2.3 Efficiency ratio analysis of Luceco Plc form year 2019 to 2023

Particular	Formula	Year
2019	2020	2021	2022	2023
Cost of goods sold	107.5	106	143.5	138.3	126.2
Average Inventory	32.2	69.4	93.8	104.1	88.3
Turnover or sales revenue	172.1	176.2	228.2	206.3	209
Average total assets	119.8	283.5	366.7	381.1	354.9
Average fixed assets	42.6	86.5	113.3	139.9	143.4
Receivables or debtors	42.8	70.1	67.9	51.6	55.7
Creditors or payables	22.1	39.7	38.8	24.2	20.6
Stock turnover ratio (In times)	3.34	1.53	1.53	1.33	1.43
Total assets turnover ratio	1.44	0.62	0.62	0.54	0.59
Fixed assets turnover ratio	4.04	2.04	2.01	1.47	1.46
Receivables or debtors turnover ratio (in days)	(Debtors * 365) / Credit sales	90.77	145.21	108.60	91.29	97.28
Creditors turnover ratio (in days)	(Creditors * 365) / COGS	75.04	136.70	98.69	63.87	59.58

Ratio	Year
2019	2020	2021	2022	2023
Luceco	Luceco	Dailight	Luceco	Dailight	Luceco	Dailight	Luceco	Dailight	Industry Average (5 year)
Stock turnover ratio (In times)	3.34	1.53	2.21	1.53	2.25	1.33	2.28	1.43	2.15	3.19
Total assets turnover ratio	1.44	0.62	1.02	0.62	1.11	0.54	1.08	0.59	1.19	0.81
Fixed assets turnover ratio	4.04	2.04	1.02	2.01	4.82	1.47	5.71	1.46	6.74	5.4
Receivables or debtors turnover ratio (in days)	90.77	145.21	16.23	108.6	6.27	91.29	26.39	97.28	5.33	16.79
Creditors turnover ratio (in days)	75.04	136.7	65.24	98.69	73.39	63.87	76.74	59.58	62.23	60

Interpretation:

Stock turnover ratio:

The industry average for inventory turnover ratio should be 3.19 which is not achieved by Luceco which shows the inefficiency of the marketing and sales strategy of the company. The stock turnover ratio is lower than the Dailight ratio which denotes in the capability of organization to create a competitive edge (Elia et al, 2021). To increase the inventory turnover ratio, the firm should be involved in adopting effective marketing strategies that will stimulate customers towards firm results in high turnover. Further, managers should be involved in effective demand forecasting so that an adequate amount of inventory has been acquired within the organization. Further firms should be involved in cutting down costs which will help decrease the overall cost of production. This will help in creating a competitive edge by offering products at fewer amounts leading to higher inventory turnover ratio.

Total asset turnover ratio: It has depicted that firm had having adequate asset turnover ratio in the past year indicating high efficiency in using the organization’s total assets. However, in the current year, the assets turnover ratio is below the expected average which denotes incompetent strategies of managers in utilizing assets (Ignacio Pena, and Rodríguez, 2022). To increase the asset turnover ratio, managers should focus on increasing revenue, enhancing inventory management, and leasing assets rather than buying and selling unproductive asset and introducing automation which support enhancing efficiency and better asset turnover ratio.

Fixed assets turnover ratio: Through the analysis of the financial statement, it has been determined that Luceco is unable to utilize its fixed assets to increase sales of the business entity. To increase the ratio, the manager should emphasize robust asset tracking and providing maintenance strategies that support faster growth reducing cost and optimizing assets life (Karmellos et al, 2021). The firm should focus on initiating sales strategies that will help in enhancing revenue. All the unproductive fixed assets should be sold off and an effective system should be integrated that will aid in increasing overall efficiency and better fixed assets turnover ratio.

Receivable turnover ratio: Luceco’s Plc is unable to recover funds from this debtor on a timely basis which is negatively impacting the overall cash balance of the firm. The firm is far away from the industry averages whereas Daylight is capable of managing its Receivable turnover ratio (Kukreja et al, 2020). To maintain a high receivable ratio, managers should emphasis creating positive relationships with customers. The creditworthiness of debtors should be evaluated before availing credit that will help in ensuring timely payment. An invoice management system should be adopted which will provide bills on time and provide regular reminders to the debtors for payment.

Creditor’s turnover ratio: It has been identified that the firm has having higher creditor turnover ratio than the industry average which denotes that the company is effectively utilizing the funds before the final payment (Logan, Nelson, and Hastings,. (2020). However, a very high ratio may negatively impact the relationship with suppliers leading to influencing the firm’s overall goodwill and reputation. For timely payment the firm should adopt an AI-based payment system which will provide reminders for the payment resulting in better firm’s reputation.

2.4 Investment ratios of Luceco Plc form year 2019 to 2023

Particular	Formula	Year
2019	2020	2021	2022	2023
Net income	13.1	27.9	27.1	11	16.7
Annual dividend	3.2	4.7	5.5	3	3.2
Number of outstanding share	2.49	2.74	0.71	0.99	1.61
Stock's current price	79.2	72	277.5	200	122.5
Debt	28.8	25	45	34.7	27.7
Equity	47.1	70.4	87.7	86.7	93.8
Earnings per share	Net income / Number of shares	5.26	10.18	38.11	11.15	10.37
Dividends per share	Annual dividends / Number of shares	1.28	1.71	7.73	3.04	1.99
Price to earnings ratio (%)	Stock current price/EPS	15.06	7.07	7.28	17.94	11.82
Debt to equity ratio	Debt/equity	0.61	0.36	0.51	0.40	0.30
Return on equity (%)	Net income/Equity	28	40	31	13	18

Ratio	Year
2019	2020	2021	2022	2023
Luceco	Luceco	Dailight	Luceco	Dailight	Luceco	Dailight	Luceco	Dailight	Industry Average (5 year)
Earnings per share	5.26	10.18	9.8	38.11	23.45	11.15	12.34	10.37	14.62	11.45
Dividends per share	1.28	1.71	2.8	7.73	5.4	3.04	4.3	1.99	2.1	3.32
Price to earnings ratio (%)	15.06	7.07	8.01	7.28	12.45	17.94	-1.28	11.82	-3.87	23.91
Debt to equity ratio	0.61	0.36	0.45	0.51	1.2	0.4	0.2	0.3	0.4	0.8
Return on equity (%)	28	40	-12.97	31	17	13	59	18	28.51

Interpretation:

EPS:

The firm’s earning per share has increased at the initial level but after 2022 EPS is reducing which is not a positive indicator for the investors. However, Dailight is providing better returns to investor results in better brand image (Lord et al, 2020). Manager of Luceco should emphasis over increasing sales and expanding its market share which will help in higher return to shareholders.

DPS:

Luceco is not providing adequate dividend to its shareholder as compared to daylight which creates dissatisfaction among them. Increase in firm’s profit and reducing overall expenses and cost will help in improving overall dividend per share.

P/E ratio:

The low P/E ratio denotes that share are undervalued in the near future its prices will be increased. Mangier should focus on identify new growth potential and emphasis over increasing revenue through which ratio could be increased.

Debt to equity:

It has depicted that firm is having very low debt to equity ratio as compare to industry average and Dailight which indicate that firm is highly depended on owner’s equity for financing operations. For increasing the ratio, firm should acquire capital from market which will in garaging tax benefit and reducing risk.

ROE:

It has been identified form the analysis that the firm has having high ROE ratio indicating effective utilization of the firm’s funds. These indicate the high growth potential of the business entity in the upcoming time.

3.0 ALTMAN Z score

Below is the Altman score of Luceco Plc in year 2023.

Element	Formula	Amount
A	working capital /total assets	0.06
B	retained earnings/Total assets	0.43
C	EBIT/Total assets	0.13
D	market value/Total liabilities	2.38
E	Sales/ Total assets	0.97
Altman score	1.2A+1.4B+3.3C+0.6D+1.0E	3.50

The above analysis of the Altman score has identified that there is a low likelihood of Luceco Plc going bankrupt as a score of 2.88 is a positive indicator for the investor. This indicates a high growth opportunity for the business and denotes an effective financial position because of which a company will able to cover all its expenses (Ramzan et al, 2023). This score also helps in gaining the trust and confidence of suppliers as they are able to identify the high credit worthiness of the organization.

4.0 Swot analysis

Strength

(A) Geographical presence in different areas: - It reach out the market objective and make sur to easily accessible.

(B) Broad product portfolio: - It helps the organisations to grow its customer size and set off the one product category losses to another product category profits (Thompson, 2023).

(C)Advantage of Location: - It can improve the company competitive position through various methods, such as enhance brand image, improve accessibility and low cost (SWOT analysis of Luceco Plc, 2024).

(D) Various intellectual property rights: - It makes the product unique and distinctive, make it difficult for competitors to apply.

Weakness

(A) Inability to understand customer needs and expectations :- Due to this weakness, Luceco Plc not capable to find the possible improvement in requiring areas of combination of goods/services.

(B) Poor customer service: - It can spread the bad impression from customers about the Luceco and it affects the business continuation

(C) Decision power: - In Luceco Plc, decision power takes long time and cause delays in introduced new products in the market (Zhang et al, 2020).

(D) Poor project management: - It can affect Luceco Plc abilities to expand product line and to start new branch in the market successfully

Opportunities

(A) Advancement of technological integration: - It reduces expenses; improve ability and resulting the faster introduction of unique goods.

(B) Reduction in interest rates: - Due to raise fund and finance at lower cost easily reduces interest rates for Luceco Plc.

(C) Changes in Customer needs, tastes and preferences: - Customers may prefer new and innovative products/services (Uyar, Abdelqader, and Kuzey, 2023). If the Luceco Plc has good market knowledge, it can act as an opportunity.

(D) Subsidies and other policies given by Government: - It is a positive external factor for Luceco Plc and make the business environment more friendly.

Threats

(A) Regulation framework: - Changes in existing regulations and introducing new strict regulations is a major threat for Luceco Plc (Taets and da Silva, (2024). Inability to comply with it raises the risk of costly law suits.

(B) Shortage of skilled labour:- Due to this threat, it can create difficulty for the Luceco Plc to attract talented and proper skills set labour.

(C) Increasing number of competitor: - Due to increase in number of direct and/or indirect competitors harms the ability of Luceco Plc to sustain and expand the customer base.

(D) Environmental sustainability trends:- Offered products/services are not environment friendly when environmental sustainability trend grows.

5.0 PESTLE analysis

Below is the pestle analysis of the Luceco Plc for identifying factors impacting overall performance of the business entity.

Political factors: The introduction of Brexit in UK has resulted in reducing the growth potential of the company a negative impact on overall efficiency (Pestle analysis of Luceco Plc, 2023). Further there is a high amount of geopolitical factors such as wars and ineffective relationships within countries negatively impact on overall sales of the company.

Economical factors: An increase in the inflation rate, interest rate and appreciation in domestic currency within UK results in reducing demand for a firm’s product (Iglińskt et al, 2022). It has been identified that there is a 4% increase in inflation which creates issues in attaining economies of scale (Saiz et al, 2023). Further firms need to improve the debt-equity ratio but a high interest rate creates issues in taking loans from the market resulting in an ineffective solvency position.

Social factors: With the increasing concern towards renewable products, there is a negative shift in the demand for the products and services (Schmidt and Leitner (2021). Further companies need to introduce high-tech appliances as there is a huge change in the lifestyle of consumers. Ineffective adopting of strategy will result in reducing sales and negatively impacting financial position.

Technological factors: There is a constant change in the technology and introduction of new techniques in the industry that has requires firm to incur high cost (Thomas et al, 2021). This leads to increasing cost for firm and reducing overall financial position of the business entity.

Environmental factors:  The firm needs to focus on aligning operations with emission standards, and waste management and set renewable energy targets of UK for protecting natural resources.

Legal factors: Firm needs to compile its operation with regulation and legislation as incompliance may results in increasing penalties.

6.0 New plan for company

The Luceco Plc is targeting over earning revenue of 100 million pound form Low carbon product at the end of 2025. After going through the financial ratio, it has concluded that firm will able to successfully attain its objective: it has identified that the firm has high liquidity and profitability position denotes huge demand for the firm’s product in the market (Thompson, 2023). Further, the organization is providing effective EPS and DPS which will help in managing investors’ satisfaction results in successfully attaining the goals. Further the Altman score depicts a low potential of bankruptcy indicating higher trust and confidence of all the stakeholders.

Conclusion

By summing up the report, it has been identified that Luceco has having high profitability, liquidity and solvency position which indicates the high growth potential of business entity. It has been identified that the firm has high growth potential, effective ROCE and Net profit which will help in covering all the expenses. Further the cash ratio is very low which requires the firm to manage its cash strategies. Further there is very high current and quick ratio indicating underutilization of the firm’s finances. The inventory turnover ratio is also not adequate which denotes that the firm’s marketing strategies are not optimum. Further organization needs to improve debt to to-equity ratio to reduce dependencies on the owner’s capital. To overcome the same organization should invest in the marketing strategies, an optimistic inventory management system, reduce investment towards current assets, and revise their pricing policies. Further, there is a very low scope for a firm to become bankrupt which helps in increasing investors’ confidence.

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Online

Description of Luceco Plc 2024. Online. Available through: < https://pitchbook.com/profiles/company/57762-10#:~:text=Description,Accessories%20to%20trade%20and%20specialists.>

Electrical industry of UK. 2023. Online. Available through: < https://assets.publishing.service.gov.uk/media/66f41ba2080bdf716392e8ae/Competition_in_UK_electricity_markets_2023.pdf>

Financial statement of Luceco Plc. 2023. Online. Available through: < https://www.lucecoplc.com/wp-content/uploads/2024/03/Luceco-PLC-Full-Year-2023-Press-Release-RNS.pdf>

Pestle analysis of Luceco Plc. 2023. Online. Available through: < https://www.lucecoplc.com/wp-content/uploads/2024/03/Luceco-PLC-Full-Year-2023-Press-Release-RNS.pdf>

SWOT analysis of Luceco Plc. 2024. Online. Available through: < https://www.ibisworld.com/united-kingdom/market-research-reports/consumer-electronics-manufacturing-industry/>

Description of Dailight. 2024. Online. Available through: < https://pestelanalysis.education/pestle-analysis-for-electricity-industry/>