In this Research Note, we examine the development of Acuity Brands Intelligent Spaces Group (ISG) and its 2023 financial results, y/e 31st August 2023. Our analysis is based on their 4th October 2023 presentation, analyst call and announcements throughout the fiscal year. This article updates our previous analysis published last year. While lighting makes up 95% of Acuity Brands revenue (they are now the largest lighting manufacturer in North America with $3.95 billion in FY 2023 revenues), it is their Intelligent Spaces Group that focuses on smart building technology. The Intelligent Spaces Group comprises the Distech Controls and Atrius brands, offering building management systems and software for improving energy efficiency, optimizing occupant experience and monitoring physical assets. Acuity Brands Financials ISG’s net sales for the fourth quarter were $72 million, an increase of 17.1%, as Distech continued to win business across new and existing customers. This quarter, the group also had a modest benefit from […]