Luceco’s Q1 trading update has highlighted positive ongoing momentum and demand, resulting in Q1 revenue of £61m, marking year-on-year growth of 19%. This has been driven by the prior year acquisitions of D-Line and CMD and continued strength in their EV charging segment. Management have reiterated their full year expectations but remain cautious given the uncertain UK economic backdrop and the potential for more upheaval in global trade, however they note that direct tariff impacts are expected to be minimal, with China to US products only equating to £4m of revenue in 2024. Overall, this is a positive update from Luceco and leaves them well placed to meet our full year forecasts, particularly given the typical H2 sales weighting. We have made minor changes to the presentation of our forecasts around exceptional items and tax but there are no material changes.
