Luceco PLC (LSE:LUCE) saw its shares fall almost 8% in early deals after the wiring accessories and EV chargers group reported revenues down by 20% and profits flopped by almost a third.
Analysts at Liberum, the corporate broker, pointed out that the numbers were actually at the top end of guided expectations as it raised its price target to 155p and repeated its ‘buy’ recommendation.
“We nudge estimates up a little following the beat and the good start to the year,” the Liberum analysts said in a short note following results.
Luceco revenues for 2022 were £206.3mln, giving pre-tax profit of £11.7mln.
"These results are significantly ahead of pre-pandemic levels and, although they don't match the record benchmark set last year, they underline the strategic progress we have made over recent years. A record cash flow performance for the year has also left our balance sheet in great shape,” said Luceco chief executive John Hornby in the results statement.
At 8.10am, the shares were changing hands for 119.76p, down 10.24p.