Luceco (LSE:LUCE) upgraded its full-year 2026 Adjusted Operating Profit expectations to now exceed £40m, citing stronger-than-expected first-quarter trading in a trading update ahead of its AGM later today.
Revenue in Q1 2026 was c.£68m versus £61m a year earlier, representing c.11% year‑on‑year organic growth led by an c.80% increase in EV charging, and Luceco is a leading designer and manufacturer of residential and commercial electrification products and systems.
Demand Flexibility revenues from EV chargers rose significantly as the installed base grew to more than 18,000 eligible chargers, while the Group's core products contributed over 6% organic revenue growth.
Management said it is maintaining a disciplined approach to pricing to pass through higher commodity costs and that disruption linked to the conflict in the Middle East has been immaterial to date.
Bank net debt at the quarter end was c.£66m (2025: c.£71m) with Bank Net Debt:EBITDA leverage around 1.4x (2025: 1.7x), a position the company says supports continued investment in organic growth and selective bolt‑on deals.
Company‑compiled analyst consensus was for 2026 Adjusted Operating Profit of £38.3m, with a range of £37.7m–£39.2m, and Luceco says there is potential for further significant outperformance dependent on Demand Flexibility.
"Given the sustained strong momentum delivered to date in 2026, we are upgrading our expectations for the full year," said John Hornby, Chief Executive Officer.
The update was released ahead of Luceco's AGM later today.
