Oxford-based Lucy Group Ltd. reports that it has recorded a 15% increase in turnover to £359m and a 69% increase in pre-tax profit to $59m in its electrical business for its 2023 fiscal year, which ended on December 31. Lucy Group is a multinational company that makes smart products for the home and energy industries. Its product lines include intelligent power distribution, street lighting control, and sustainable home development.

The Oxford, UK-based firm credits the higher margins to an improved product mix and increased proportion of smart solutions within its portfolio, as well as stabilization of raw material and logistics costs post Covid.

“Our outlook remains optimistic, despite difficult conditions in some markets and a dip in order intake towards the end of the year,” said Richard Dick, executive chairman of Lucy Group. “We are confident in our strategy and that our focus on quality, smart products, and customer care positions us well to capitalize on the global trend toward intelligent energy infrastructure and smart city solutions.”