Research on Luceco PLC (LUCE:LON) from Longspur Clean Energy
Luceco’s Q3 trading update has shown revenue growth for the quarter accelerating to 17% year-on-year on a like-for-like basis versus 15% in Q2, bringing the year-to-date growth to 15%. Adjusted operating profit improved by 60% year-on-year thanks to positive revenue mix and operating efficiencies. Core Products grew 3.4% on a higher comparative. Management expect growth to further accelerate in Q4, in line with seasonal trading and based on a strong order book. Following recent upgrades driven by the interim performance, we are leaving our forecasts unchanged.
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