Research on Luceco PLC (LUCE:LON) from Longspur Clean Energy
Luceco’s full year results have come in slightly above our trading update numbers, as the business rounded out the year strongly. Management have also updated their outlook, with guidance increased for the full year FY26, on account of the continued strong performance from its energy transition-related product offering. In our view, the energy transition drivers that Luceco is exposed to, namely in EV charging and increased electrification, will continue to grow, particularly as policy continues to develop in this space. We have increased our forecasts for FY26 and FY27 to reflect ongoing strength in early 2026. Our central case valuation remains unchanged at 230p.