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GB : Luceco - Further guidance raise

Ahead of today’s AGM, Luceco raises guidance due to further share gains in WA & an earlier than expected demand improvement for LED projects from the commercial construction sector.  The group expects 1H21 sales of £105m up 43% and a doubling of & adj OP to £18m, 5% above prior forecasts, supported by robust action on cost inflation.  We now expect a stronger 2H21 and raise our FY 22 estimates by 8%. Accordingly, we raise our TP to 350p.


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