Luceco – what will the new CEO say next week about this group’s prospects, will his words be enlightening?
Mark Watson-Mitchell - 17.09.2026
Next Tuesday, 22nd September, Luceco plc (LSE:LUCE) will declare its Interim Results to end-June – they will be good and could show that the next year will be better than market expectations.
The Group is a leading designer and manufacturer of residential and commercial electrification products and systems.
The shares of the £325m-capitalised business, which have ranged in price from 123p to 292p over the last year, are now trading at around 220p at which level they offer significant upside prospects.
The Business
Based at Telford in Shropshire, Luceco is a leading designer and manufacturer of residential and commercial electrification products and systems.
The Group designs and manufactures its market-leading range of wiring accessories, EV chargers, LED lighting, and portable power products at its state-of-the-art manufacturing facilities, distributing them through professional, wholesale and retail channels.
It has three main segments to its business – Wiring Accessories, LED Lighting and Portable Power.
Wiring Accessories - accounting for 48% of group revenues include: Switches and sockets; Circuit protection; Outdoor wiring devices; Junction boxes; Cable management; and Commercial power and accessories.
LED Lighting - 29% of group revenues include: Residential and commercial; Interior and exterior; Mains and solar; and Work & site lighting.
Portable Power - 23% of group revenues include: EV chargers; Home Energy Management Systems; Extension leads; Cable reels; Adapters and accessories.
The Group’s sales are derived from four main channels:
Retail - 27%, Distributors serving consumers only, including DIY sheds, pure‑play online retailers and grocers;
Hybrid - 20%, Distributors serving a mixture of consumers and professionals, typically with multi-channel service options;
Professional wholesale - 24%, Distributors serving professionals only, largely via a branch network; and
Professional projects - 29%, Sales agreed by Luceco direct with professionals, but fulfilled via Professional Wholesale.
First-Half Trading Update
On Tuesday, 28th July, the Company reported a strong first half of 2026 with revenue increasing by approximately 13% year-on-year to £143m, driven by a significant 120% growth in its Energy Transition segment, including EV charging and Demand Flexibility, alongside a 6% rise in core products.
Adjusted Operating Profit rose by 14% to £15.8m, with margins slightly improving to 11.1%.
The company expects full-year 2026 Adjusted Operating Profit to exceed £40m and anticipates 2027 Adjusted Operating Profit to surpass current market expectations, supported by continued demand and operational efficiencies, while net debt remained stable at £69.6m with leverage at 1.5x.
Management Comment
Chairman Giles Brand stated that:
"Luceco delivered another strong first half, with revenue up c.13% and adjusted operating profit up c.14%.
The performance demonstrates the strength of Luceco's diversified growth model; rapid expansion in Energy Transition up c.120%, while resilience in our core product categories delivered further growth.
The business is benefiting from broad-based demand, disciplined pricing and increasing clarity around Demand Flexibility economics.
As a result, we remain confident in delivering adjusted operating profit of more than £40m in FY26 and now expect FY27 adjusted operating profit to exceed current market expectations."
New CEO Appointed
On Monday 10th August, Luceco announced the appointment of Dr Thorsten Müller as its new Chief Executive Officer succeeding John Hornby.
Müller brings extensive global industrial technology leadership experience from companies like Halma plc, ABB, Osram, and Bosch.
The Company also reaffirmed its confidence in achieving adjusted operating profit of more than £40m for FY26, driven by strong H1 2026 results and positive trading momentum from the energy transition.
Upon the appointment Chairman Giles Brand stated that:
"We are thrilled that Thorsten will be joining Luceco as Chief Executive Officer.
Thorsten has a proven track record of delivering growth and innovation at industry-leading technology companies serving the lighting, electrification and energy management segments.
He brings all the necessary skills and experience to drive the continued execution of our strategy to deliver compounding growth and attractive returns."
The Equity
There are some 160.8m shares in issue.
The larger holders include EPIC Private Equity Ltd. (21.01%); John Hornby (former CEO) (15.25%), Apex Financial Services (Trust Co.) Ltd. (8.46%), Giles Brand (Chairman) (5.59%), BlackRock Investment Management (UK) Ltd. (4.99%), Montanaro Asset Management Ltd. (2.97%), Chelverton Asset Management Ltd. (1.74%), Dimensional Fund Advisors LP (0.69%), River Global Investors LLP (0.64%), AXA Investment Managers (0.44%), Downing LLP (0.35%) and PEH Wertpapier AG (Germany) (0.29%).
Broker Views
Company-compiled analyst consensus for full year is for Adjusted Operating Profit: 2026 - £40.7m, with a range of £40.2m - £41.0m; and for 2027 - £42.3m, with a range of £41.7m - £42.9m.
Four brokers rate the group’s shares as a Buy, with the analyst consensus average Target Price of 289p, the Lowest call at 254p and the Highest at 320p.
Deutsche rates the shares as a Buy, with a 270p TP.
Analysts Adam Forsyth and Anna Shevkunova, at Longspur Research, have the 254p estimate.
They look for the current year to end-December to show £300.6m (£242.5m) in sales, with pre-tax profits of £33.0m (£24.9m), generating earnings of 16.2p (12.5p) and a dividend of 6.0p (5.0p) per share.
For 2027 they see £341.3m sales, £40.4m profits, 19.8p earnings and a 7.0p dividend.
The 2028 estimates are for £346.5m sales, £41.2m profits, 20.2p earnings and a dividend of 7.5p per share.
My View
It will be very interesting to see what Dr Thorsten Müller, the new CEO, has to say with next week’s results.
By then, he will have been in his new role for only three weeks.
The group’s shares, now at 220p, could well rise to the 300p level over the next year or so, perhaps higher.
(Profile 15.06.20 @ 96.1p set a Target Price of 125p*)
(Profile 11.08.25 @ 126.80p set a Target Price of 150p*)
(Profile 17.09.26 @ 220p set a Target Price of 275p)
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