LUCE: First View - Retirement Of CEO

Research evidence excerpt

LUCE: First View - Retirement Of CEO

UK | Capital Goods

Luceco EquityJuneResearch15, 2026

FIRST VIEWLUCE: First View - Retirement Of CEO

Conclusion RATING BUY

This morning, Luceco has announced the CEO John Hornby has announced PRICE 290.00p^

his decision to retire at end of the year, and that he will be taking a sabbatical PRICE TARGET | % TO PT 320.00p | +10%

until the end of August. The group's senior leadership team, supported by 52W HIGH-LOW 292p - 112p

the Board, will take on CEO responsibilities in his absence. CEO Hornby has FLOAT (%) | ADV MM (USD) 52.2% | 2.94

been an integral part of Luceco's growth and development over the last MARKET CAP £438.2M | $587.6M

21 years, hence we expect this will be a surprise for the Street. However, TICKER LUCE LN

the business is in a good place, in our view, there is a strong product and ^Priornoted.trading day's closing price unless otherwise

technology offering, and we believe there is a strong senior leadership group

already in place. CEO Hornby will also be available to the group post his

retirement in an advisory capacity. The Board has started the search to find

a successor. Mgmt has also reiterated that the trading momentum seen in

1Q26 has continued into 2Q26F to date, and mgmt's FY26F expectations

are consistent with those outlined in the 19 May statement. We reiterate our

Buy recommendation.

Detail

CEO Retirement: Luceco has this morning announced that CEO, John

Hornby, will be retiring from the group after 21 years leading the business.

CEO Hornby will take a sabbatical until August 2026, and remain as CEO

and Board Director through to 31st December. While he is on sabbatical,

the Senior Leadership Team, supported by the Board, will discharge

his responsibilities. The process to identify a permanent successor has