AGM Statement
29 June 2022
Lords, a leading distributor of building materials in the UK, announces that at the Company’s Annual General Meeting (‘AGM’) due to be held today at 1:00 pm at the offices of Cenkos Securities, 6-8 Tokenhouse Yard, London EC2R 7AS, Gary O’Brien, Non-Executive Chairman, will make the following statement:
“Since we issued our full year results on 24 May 2022, demand for the Group’s repairs, maintenance and improvement (‘RMI’) sector focused product offering has remained resilient and, notwithstanding inflationary pressures and the current macro outlook, the Group continues to trade in line with market expectations for the full year ending 31 December 2022 (‘FY22’).
“The Group has further evidenced its three P’s strategy (People, Plant, Premises) via the complete redevelopment and transformation of the Lords Builders Merchants branch in Beaconsfield, gaining additional scale, increasing our reach and broadening the product range. This branch was acquired in 2017 with revenues of £2.5 million and these have since grown organically to £8.0 million under our strategic management. The refurbishment of the Beaconsfield branch provides additional organic growth opportunities via product range extension such as the first Advance Roofing supplies implant following the Group’s acquisition of this business in January 2022.
“Boiler supply constraints persist in APP Wholesale, however underlying customer demand remains strong and indications support that the boiler supply issues will ease later in FY22. Management actions continue to ensure Plumbing and Heating profitability remains in line with management expectations.
“Current FY22 revenue and profitability expectations remain unchanged from the April trading update, with revenues of approximately £438.0 million and adjusted profit before tax of approximately £16.0 million.”
FOR FURTHER ENQUIRIES:
| Lords Group Trading plc | Via Buchanan |
|---|---|
| Shanker Patel, Chief Executive Officer | Tel: +44 (0) 20 7466 5000 |
| Chris Day, Chief Financial Officer | |
| Cenkos Securities plc (Nominated Adviser and Joint Broker) | Tel: +44 (0) 20 7397 8900 |
| Ben Jeynes / Max Gould / Dan Hodkinson (Corporate Finance) | |
| Alex Pollen (Sales) | |
| Berenberg (Joint Broker) | |
| Matthew Armitt / Richard Bootle / Ciaran Walsh | Tel: +44 (0) 20 3207 7800 |
| Buchanan Communications | Tel: +44 (0) 20 7466 5000 |
| Henry Harrison-Topham / Stephanie Whitmore/ Kim Looringh-van Beeck / Abby Gilchrist | [email protected] |
Notes to editors:
Lords is a specialist distributor of building, plumbing, heating and DIY goods. The Group principally sells to local tradesmen, small to medium sized plumbing and heating merchants, construction companies and retails directly to the general public.
The Group operates through the following two divisions:
- Merchanting: supplies building materials and DIY goods through its network of merchant businesses and online platform capabilities. It operates both in the 'light side' (building materials and timber) and 'heavy side' (civils and landscaping), through 30 locations in the UK.
- Plumbing and Heating: a specialist distributor in the UK of plumbing and heating products to a UK network of independent merchants, installers and the general public. The division offers its customers an attractive proposition through a multi-channel offering. The division operates over 15 locations enabling nationwide next day delivery service.
Lords was established over 35 years ago as a family business with its first retail unit in Gerrards Cross, Buckinghamshire. Since then, the Group has grown to a business operating from 45 sites. Lords aims to become a £500 million turnover building materials distributor group by 2024 as it grows its national presence.
Lords was admitted to trading on AIM in July 2021 with the ticker LORD.L. For additional information please visit www.lordsgrouptradingplc.co.uk.