Luceco’s full year update has seen performance above our upgraded forecasts as the business continues to deliver strong growth at both the revenue and adjusted profit levels, at c.£271m and £33.5m respectively, both comfortably above consensus. Encouragingly, this strong trading appears to be continuing into 2026, and we have upgraded our forecasts accordingly to reflect both the continued resilience of the business amidst mixed markets and the structural drivers which we believe will continue to play out in the near to mid-term. Our updated forecasts see our central case valuation move to 230p, and we continue to see Luceco as attractively priced on a multiple basis when compared to UK peers.