Luceco’s H1 results have displayed strong revenue growth and highlighted the tailwinds that the energy transition is delivering to the company. Revenue of £125.7m and an adjusted operating profit of £13.8m puts the business well on track to meet our full year forecasts, particularly given a typical H2 sales weighting. Growth has been driven by the prior year acquisitions of D-Line and CMD and ongoing performance across segments. The company continues to execute on its strategy and has performed well given a mixed economic background. We continue to see the company as being well positioned to capitalise on electrification and the interim results have shown the opportunity in this space with EV charging growth looking particularly strong and ongoing demand for Luceco’s goods in professional projects where energy saving retrofitting continues at pace.
