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Equity Bottom-Up

<p>Luceco delivered a solid H125, with revenue up 14.7% y-o-y to £125.7m and adjusted operating profit of £13.8m (+9.5%), equating to 44% of FY25 consensus (£31.2m) versus 43% in H124. Luceco appears broadly on track to hit consensus, given normal seasonality. Adjusted EPS rose 3.5% y-o-y to 5.9p, supported by improved operating cash flow of £16.6m in H125 versus £5.1m in H124. The interim dividend was raised 5.9% to 1.8p. Bank net debt increased to £68.0m (1.6x last 12-month EBITDA) following the acquisitions of CMD and D-Line, but remains within the group’s target range of 1.0–2.0x. Management is confident the company will meet consensus expectations which, according to LSEG, include £31.2m adjusted operating profit for FY25, implying H2 operating profit of £17.4m.</p>

Luceco delivered a solid H125, with revenue up 14.7% y-o-y to £125.7m and adjusted operating profit of £13.8m (+9.5%), equating to 44% of FY25 consensus (£31.2m) versus 43% in H124. Luceco appears broadly on track to hit consensus, given normal seasonality. Adjusted EPS rose 3.5% y-o-y to 5.9p, supported by improved operating cash flow of £16.6m in H125 versus £5.1m in H124. The interim dividend was raised 5.9% to 1.8p. Bank net debt increased to £68.0m (1.6x last 12-month EBITDA) following the acquisitions of CMD and D-Line, but remains within the group’s target range of 1.0–2.0x. Management is confident the company will meet consensus expectations which, according to LSEG, include £31.2m adjusted operating profit for FY25, implying H2 operating profit of £17.4m.

Luceco — Focus shifts to energy transition, and synergies

United Kingdom

Luceco PLC manufactures and distributes electrical products. The Company offers modules, lamp holders, pendant sets, ceiling switches, adaptable boxes, sockets, lamps, tubes, and accessories. Luceco markets its products globally.

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Luceco PLC (LUCE LN)

Luceco — Focus shifts to energy transition, and synergies

Luceco delivered a solid H125, with revenue up 14.7% y-o-y to £125.7m and adjusted operating profit of £13.8m (+9.5%), equating to 44% of FY25...

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