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Luceco plc
(LSE:LUCE)
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Rating:74Outperform
Price Target:
263.00 p
▲(17.94% Upside)
Action:Upgraded
Date:09/22/26
The score is driven primarily by solid financial performance (growth, improved profitability, stronger balance sheet, and a standout 2025 cash flow rebound) and a strongly positive earnings update with guidance for results ahead of expectations. Offsetting factors include mixed technical momentum (negative MACD and price below the 100-day average) and valuation that looks fair rather than clearly discounted, alongside earnings-call risks around working-capital/cash flow timing, regulation, and regional uncertainty.
Positive Factors
Energy-transition growth
Rapid growth in energy-transition revenue gives Luceco exposure to electrification markets with structural demand drivers. The expanding contribution from EV charging and related products can diversify the core portfolio, increase product content per installation, and support multi-year revenue growth.
Negative Factors
Working-capital and cash-flow pressure
The sharp first-half cash outflow shows that reported earnings are not converting consistently into cash when inventory and receivables absorb funding. Management expects stronger second-half generation, but collection timing and elevated working capital could constrain flexibility over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Energy-transition growth
Rapid growth in energy-transition revenue gives Luceco exposure to electrification markets with structural demand drivers. The expanding contribution from EV charging and related products can diversify the core portfolio, increase product content per installation, and support multi-year revenue growth.
Read all positive factors
Luceco plc (LUCE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£323.66M
Dividend Yield3%
Average Volume (3M)379.45K
Price to Earnings (P/E)15.9
Beta (1Y)1.51
Revenue Growth11.48%
EPS Growth46.33%
CountryUK
Employees2,098
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)0.13
Shares Outstanding160,800,000
10 Day Avg. Volume488,423
30 Day Avg. Volume379,448
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)1.91
Price to Sales (P/S)0.73
P/FCF Ratio5.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£295.00Price Target Upside32.29% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.17
Revenue Forecast (FY)£314.60M
Luceco plc Business Overview & Revenue Model
Company Description
Luceco plc operates as a global enterprise, specializing in the manufacture and distribution of diverse light-emitting diode (LED) lighting solutions and electrical wiring accessories. Its extensive market reach spans the United Kingdom, Europe, t...
How the Company Makes Money
Luceco makes money primarily by selling electrical and lighting products to customers via a mix of trade, wholesale, retail and project-led channels. Revenue is generated from (1) product sales of wiring accessories and electrical fittings (e.g., ...
Luceco plc Earnings Call Summary
Earnings Call Date:Sep 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 23, 2027
Earnings Call Sentiment Positive
The call was strongly positive. The company reported double-digit revenue and profit growth, broad-based performance across segments and geographies, improving returns, a higher dividend, strong energy transition momentum, and adjusted operating profit expected to be ahead of market expectations. The main challenges were lower first-half free cash flow, higher inventory and working capital investment, temporary material-cost pressure in Wiring Accessories, Dubai-related uncertainty, a higher tax rate, and evolving Demand Flexibility regulation.Positive Updates
Strong First-Half Revenue Growth
H1 revenue increased 13.4% to GBP 142.6 million, with growth accelerating through the period: like-for-like growth was 12.9% in Q1 and 14.9% in Q2. All three operating segments, all four sales channels, and each geography delivered growth.
Negative Updates
Currency Headwind
Currency was a GBP 0.6 million, or 0.5%, headwind to first-half revenue. Constant-currency revenue was GBP 143.2 million, representing underlying like-for-like growth of 13.9%.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong First-Half Revenue Growth
H1 revenue increased 13.4% to GBP 142.6 million, with growth accelerating through the period: like-for-like growth was 12.9% in Q1 and 14.9% in Q2. All three operating segments, all four sales channels, and each geography delivered growth.
Read all positive updates
Company Guidance
The group expects the full-year adjusted effective tax rate to remain below the U.K. corporation tax rate of 25%, operational leverage to improve in the second half as a result of seasonal growth in our order book, and the usual stronger second half cash generation, though lower than 2025 due to timing of accounts receivable collection; with core business revenue growing 6.5% in the first half and Demand Flexibility delivering a recurring revenue stream, adjusted operating profit is expected to be ahead of market expectations, versus pre-announcement 2026 consensus of approximately GBP 310 million of revenue, GBP 41 million of adjusted operating profit, and a 13% adjusted operating margin.Luceco plc Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 288.30M | 271.40M | 242.50M | 209.00M | 206.30M | 228.20M |
| Gross Profit | 117.50M | 110.10M | 97.50M | 82.80M | 71.40M | 82.30M |
| EBITDA | 44.20M | 44.20M | 33.40M | 31.50M | 23.20M | 42.60M |
| Net Income | 20.60M | 20.30M | 14.60M | 16.70M | 11.00M | 27.10M |
Balance Sheet | ||||||
| Total Assets | 267.00M | 251.40M | 244.80M | 176.80M | 178.10M | 202.70M |
| Cash, Cash Equivalents and Short-Term Investments | 8.30M | 4.40M | 4.50M | 4.90M | 6.00M | 7.30M |
| Total Debt | 83.00M | 63.20M | 79.20M | 27.40M | 34.70M | 45.00M |
| Total Liabilities | 160.90M | 147.50M | 149.00M | 83.00M | 91.40M | 115.00M |
| Stockholders Equity | 106.10M | 103.90M | 95.80M | 93.80M | 86.70M | 87.70M |
Cash Flow | ||||||
| Free Cash Flow | 19.40M | 33.40M | 6.80M | 20.80M | 30.10M | 17.80M |
| Operating Cash Flow | 26.30M | 39.00M | 14.70M | 29.00M | 35.90M | 24.40M |
| Investing Cash Flow | -9.80M | -6.70M | -45.60M | -9.90M | -13.40M | -24.80M |
| Financing Cash Flow | -17.50M | -33.00M | 30.50M | -19.80M | -24.40M | 600.00K |
Luceco plc Technical Analysis
Neutral
223.00
Price Trends
218.08
Negative
238.75
Negative
206.71
Positive
Market Momentum
-3.72
Negative
45.88
Neutral
61.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:LUCE, the sentiment is Neutral. The current price of 223 is above the 20-day moving average (MA) of 213.16, above the 50-day MA of 218.08, and above the 200-day MA of 206.71, indicating a neutral trend. The MACD of -3.72 indicates Negative momentum. The RSI at 45.88 is Neutral, neither overbought nor oversold. The STOCH value of 61.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:LUCE.
Luceco plc Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | £286.88M | 10.90 | 14.19% | 2.69% | -1.30% | 10.28% | |
74 Outperform | £323.66M | 15.95 | 19.62% | 3.00% | 11.48% | 46.33% | |
71 Outperform | £1.24B | 25.69 | 15.29% | 0.71% | 8.85% | 29.67% | |
67 Neutral | £234.89M | 761.08 | 0.86% | 1.60% | -13.43% | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | £554.63M | -62.25 | -4.89% | 0.04% | -1.21% | 46.27% | |
48 Neutral | £10.83M | 47.41 | 1.42% | 1.29% | 19.87% | ― |
* Industrials Sector Average
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Luceco plc Corporate Events
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial Disclosures
Luceco lifts profit outlook as Energy Transition drives strong first-half growth
Positive
Sep 22, 2026
Luceco plc reported a strong first half of 2026, with revenue up 13.4% to £142.6m and adjusted operating profit rising 14.5% to £15.8m, driven by rapid expansion in its Energy Transition activities. Energy Transition revenues, covering E...
Regulatory Filings and Compliance
Luceco CEO John Hornby Sells 505,000 Shares on London Stock Exchange
Neutral
Aug 24, 2026
Luceco plc has disclosed a director dealing under U.K. Market Abuse Regulation, confirming that Chief Executive Officer John Hornby has sold 505,000 ordinary shares in the company. The transaction involved shares with a nominal value of £0.00...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Luceco names new CEO as energy transition drives growth outlook
Positive
Aug 10, 2026
Luceco plc, a London-listed designer and manufacturer of residential and commercial electrification products, has built market-leading positions in wiring accessories, EV chargers, LED lighting and portable power. The group serves professional, wh...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Luceco lifts profit outlook as energy transition drives double-digit growth
Positive
Jul 28, 2026
Luceco reported strong first-half 2026 growth, with revenue rising about 13% to £143m and adjusted operating profit up roughly 14% to £15.8m, driven by surging demand in its Energy Transition segment, including EV charging and demand fle...
Regulatory Filings and Compliance
Luceco PDMR Janet Ryan Buys Shares on London Stock Exchange
Neutral
Jul 1, 2026
Luceco plc has disclosed that Person Discharging Managerial Responsibilities Janet Ryan acquired 3,706 ordinary shares in the company at a price of £2.69797 per share. The transaction, conducted on 1 July 2026 on the London Stock Exchange, un...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.