STOCK WATCH

SHARES in the LED lights maker Luceco plunged after it trimmed revenue forecasts for the year by £15m.

The firm’s first-quarter revenues for 2022 fell 3pc, after an ‘inevitable slowdown this year in UK DIY activity’.

Rising selling prices will offset the expected £25m annual impact of inflation, it added.

But shares fell 30.5pc, or 59.4p, to 135.6p. Analysts at Liberum reduced the target price to 260p from 400p but said the current price is still an ‘attractive entry point’.