Research on Luceco PLC (LUCE:LON) from Longspur Clean Energy
Luceco’s interim results confirm the H1 trading update with the company delivering 13% top line growth (14% on a like-for-like basis) and 15% adjusted operating profit growth year-on-year, supported by Energy Transition and core product categories. Adjusted operating margin shows modest improvement as investment in Energy Transition is offset by volume leverage. We view the confirmation of strong results with a new CEO in place as a clear positive which should be taken well by the market. Our central case valuation moves to GBp 257 vs GBp 254.
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