Energy

Plejd Smart Lighting Business and 2023 Financials

In this Research Note, we explore the smart lighting controls business of Plejd AB, a Swedish public company supplying the Nordic market. We explore their 2023 financial results, product portfolio, channel approach and international growth strategy, based on their year-end results, 8th February 2024, and their latest Annual Report. Founded in 2009 and headquartered in Mölndal, Sweden, Plejd AB is a publicly traded company on Spotlight Select. The company has deployed over 1 million smart lighting systems, over 5 million installed devices, and has over 50,000 installers. 2023 Plejd Financial Highlights Net sales amounted to TSEK 513,387 (approx. $47.7 million), which amounts to a growth of 19.2 % compared to the same period last year. The operating profit amounted to TSEK 59,520. Operating profit is lower than in the same period last year due to lower gross margin on new products and higher cost mass due to launches and international investments. Operating margin was 11.6% […]

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In this Research Note, we explore the smart lighting controls business of Plejd AB, a Swedish public company supplying the Nordic market.

We explore their 2023 financial results, product portfolio, channel approach and international growth strategy, based on their year-end results, 8th February 2024, and their latest Annual Report.

Founded in 2009 and headquartered in Mölndal, Sweden, Plejd AB is a publicly traded company on Spotlight Select. The company has deployed over 1 million smart lighting systems, over 5 million installed devices, and has over 50,000 installers.

2023 Plejd Financial Highlights

Net sales amounted to TSEK 513,387 (approx. $47.7 million), which amounts to a growth of 19.2 % compared to the same period last year.

The operating profit amounted to TSEK 59,520. Operating profit is lower than in the same period last year due to lower gross margin on new products and higher cost mass due to launches and international investments. Operating margin was 11.6% in 2023, down from 18.4% in 2022.

Plejd Financial Results 2023
Plejd AB Annual Report 2023

Product Portfolio

The core of Plejd’s product portfolio is their smart lighting control modules, which they call "pucks." These pucks are installed in the same way as traditional lighting control, usually behind the light switch, but can also be installed with the luminaire or in the central electrical unit. The pucks are compatible with most light sources, luminaires, light switches, and electrical outlets on the market, making them an integrated part of the fixed electrical installation.

Part of the company's ambition is to diversify and expand its product portfolio. New product categories are one of the most important aspects of the company’s multidimensional strategy. The Smart luminaire their second product category was introduced in 2023, with their downlight as the first product.

By integrating the control into the luminaire, they claim to have created a new level of flexible lighting installation with various advantages for electricians and end customers. During the year’s second half, the company delivered over 150,000 downlights. This establishes the groundwork for the new product category, where they plan to continue innovation with more product launches:

  • A wireless battery-powered motion detector WMS-01 was launched in November 2023. It can be adapted for a variety of uses, such as in bathrooms, laundry rooms, garages, wardrobes, hallways, and conference rooms.
  • The launch of the shutter controller JAL-01 during the second quarter of 2024 is intended to act as an entry product on the European market, particularly in Spain, Germany, and Switzerland.
  • The launch of the smart thermostat TRM-01 is planned during the fourth quarter of 2024, which not only introduces a new smart heating control category for the company but is also expected to significantly expand the Norwegian market.

Channel Approach

As a B2B supplier, Plejd primarily has direct customer relationships with electrical wholesalers in every market the company is active in. Their indirect main customer is the electrician who in turn installs their products at the end user, which may be either a private or commercial installation.

International Growth Strategy

Between 2019 and 2023, the company has had an average organic growth of 41 % per year, which largely originates from the current product category in the Swedish and Norwegian markets.  Sweden accounts for 60% of 2023 sales.  The market in Norway continues to follow the same path as in Sweden and now accounts for 34% of 2023 revenues.

The company experienced strong growth in the Netherlands (2% of sales) and has increased its presence in countries such as Spain, Germany, and Switzerland in 2023.

Commercial Market Expansion

Currently, Plejd products are mainly used in properties up to about 1,000 sq.m. The majority of these installations are private homes such as apartments and villas, but a significant part is also commercial such as offices, restaurants, and shops. 

In the coming years, the company will develop their offering in order to better address larger properties and is thus expected to obtain a higher proportion of commercial installations.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.

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