Luceco - lighting up the market
This manufacturer and distributor of high quality and wiring accessories, LED Lighting and portable power products is another company showing a strong Q3 to end September.
Tuesday’s announcement that both Q3 and current trading are well ahead of expectations. The market was previously anticipating some £23m adjusted operating profits for the full year, however it is now being guided to go for between £28m and £30m.
And that is on a full year revenue that should be at least equal to 2019’s £172m, despite lost sales during the ‘lockdown’.
Responding to the better than expected Q3 2020 Trading Update news brokers Liberum Capital upped their ‘buy’ advice with an increased price objective of 260p, against their previous 230p.
The shares, after hitting 258p, have since eased back to 245p. A strong hold, but best not chased too far.
(Profile 15.06.20 @ 96.1p set a Target Price of 125p*)