Lords Group Trading - Interim Results

Lords Trading

30/09/2026 07:00

RNS Number : 8548W
  
Lords Group Trading PLC
  
30 September 2026
  
 



30 September 2026


 


Lords Group Trading plc


(‘Lords’, the ‘Company’ or the ‘Group’)


 


Interim Results


 


‘Resilient H1 revenue, with operational actions underway to improve performance and reduce leverage’


 


Lords (AIM:LORD), a leading distributor of building materials in the UK, today announces its unaudited Interim Results for the six months ended 30 June 2026 (‘H1 2026’ or the ‘Period’).


 


H1 2026 Summary


 


Financial performance


•


Group revenue for the Period remained stable at £232.1 million (H1 2025: £232.1 million), with contributions from new Merchanting branches and CMO offsetting weaker underlying demand in end markets.


•

 

•


Group like-for-like revenue declined by 6.8%, reflecting continued weakness in construction, RMI and plumbing and heating markets.

Gross margin increased to 20.2% (H1 2025: 19.3%)


•


Adjusted EBITDA1 before property gains of £8.4 million (H1 2025: £10.4 million), with a margin of 3.6% (H1 2025: 4.5%).


•


Net debt3 of £26.5 million at 30 June 2026 (30 June 2025: £20.9 million)


 


Operational progress


•


Merchanting improved sequentially, with the like-for-like decline moderating from 4.9% for H1 2026 to 2.3% in Q2 2026.


•


CMO revenue increased by approximately 17.5% and the business delivered positive EBITDA.


•


Plumbing & Heating spares revenue increased by approximately 8%.


•


Decisive restructuring actions implemented within Plumbing & Heating, including depot rationalisation, reducing operating expenses by £1.5 million annualised.


 


Priorities and outlook


•


Focused improvement plans are in place across every operating business, with emphasis on market-share increase, margin discipline, working capital improvement, carefully controlled capital expenditure and net debt reduction.


 


H1 2026 Financial Performance


 


ADJUSTED RESULTS


H1 2026


H1 2025


Change


Revenue


£232.1m


£232.1m


-


Adjusted EBITDA[1] before property gains


£8.4m


£10.4m


(19.2%)


Adjusted EBITDA margin before property gains


3.6%


4.5%


(90 bps)


Adjusted operating profit before property gains[2]


£2.3m


£4.5m


(48.9%)


Adjusted (loss)/profit before tax2


(£1.2m)


£3.1m


n/a


Adjusted diluted (loss)/earnings per share2


(0.70p)


1.35p


n/a


Interim dividend per share


-


0.32p


n/a


 


STATUTORY RESULTS


H1 2026


H1 2025


Change


Revenue


£232.1m


£232.1m


-


Operating (loss)/profit


(£3.1m)


£3.7m


n/a


(Loss)/profit before tax


(£6.9m)


£0.6m


n/a


Basic (loss)/earnings per share


(3.30p)


0.14p


n/a


Net debt[3]


£26.5m


£20.9m


26.6%


 


[1] Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and impairment charges, excluding adjusting items (note 7).
[2] Adjusted operating profit, adjusted profit before tax and adjusted diluted earnings per share is operating profit, profit before tax and diluted earnings per share excluding adjusting items.
[3] Net debt defined as cash less borrowings before lease liabilities.





Shanker Patel, Chief Executive Officer of Lords, commented: 


 


“The Group delivered resilient revenue in the first half despite continued weakness across a number of our end markets and a particularly challenging period for Plumbing & Heating. Encouragingly, Merchanting performance improved through the second quarter, CMO delivered positive EBITDA and our Spares business continued to grow.


 


“We have responded decisively to the slower market recovery. In Plumbing & Heating, we have rationalised the depot network, reducing costs and implementing a focused customer recovery programme aimed at improving service levels, re-engaging inactive accounts and recovering market share. Across the Group, our immediate priorities are improving operational execution, converting profit into cash and reducing leverage.


 


“Market conditions are challenging and the timing of a market recovery remains uncertain, the actions now underway are intended to strengthen the Group and position Lords to deliver sustainable shareholder value as demand recovers.  Whilst full details of the recently announced UK government help to buy home scheme, and its potentially positive impacts on the Group's end markets, remain to be confirmed, the Board continues to expect the Group performance for the full year to be in line with market expectations."


 


- Ends -


 


FOR FURTHER ENQUIRIES:


Lords Group Trading plc


Via Burson Buchanan


Shanker Patel, Chief Executive Officer


Tel: +44 (0) 20 7466 5000


Stuart Kilpatrick, Chief Financial Officer


 


 


 


Cavendish Capital Markets Limited

(Nominated Adviser and Joint Broker)


Tel: +44 (0)20 7220 0500


Ben Jeynes / Seamus Fricker/ Andrea Callaghan (Corporate Finance)


 


Julian Morse / Henry Nicol / Matt Lewis (Sales and ECM)


 


 


 


Berenberg (Joint Broker)


Tel: +44 (0)20 3207 7800


Matthew Armitt / Harry Nicholas / Detlir Elezi


 


 


 


Burson Buchanan


Tel: +44 (0) 20 7466 5000


Henry Harrison-Topham / Sophie Wills / Will Chamberlain 


LGT@buchanan.uk.com


 


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 three 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 33 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, operating in 15 locations enabling nationwide next-day delivery service.


•


Digital: CMO Superstores provides an online route to market from nine specialist websites for construction and plumbing & heating customers.


 


Lords was established in 1982 as a family business with its first retail unit in Gerrards Cross, Buckinghamshire.  Since then, the Group has grown to a business operating from 50 sites.


 


For additional information, please visit www.lordsgrouptradingplc.co.uk


 


 


Chief Executive Officer’s Review


 


On behalf of the Board, I am pleased to report the Group’s unaudited Interim Results for the six months ended 30 June 2026.


 


Overview


 


The first half of 2026 was characterised by continued challenging conditions across a number of the Group’s end markets. Activity in new housing remained subdued and repair, maintenance and improvement (‘RMI’) demand was softer than anticipated, while conditions within the wholesale plumbing market were particularly difficult.


 


Against this backdrop, Group revenue was £232.1 million, in line with the £232.1 million reported in H1 2025, with contributions from new branches opened since the beginning of 2025 and CMO substantially offsetting weaker underlying demand; Group like-for-like (’LFL’) revenue, adjusted for trading days, declined by 6.8%. Profitability was lower year-on-year due to lower volumes, increasing the importance of cash generation and balance-sheet discipline.


 


As reported on publication of the Company’s 2025 final results in May, our end markets have remained subdued. Management has therefore increased the pace of operational improvement activity, with a clear focus on sales execution, margin, cost, working capital and capital discipline.


 


As volumes recover, we expect to benefit from significantly increased operating leverage as a result of the strategic progress made.  With much of our cost base now established, incremental future revenue increases should translate into a disproportionate increase in profitability.


 


Merchanting


 


Merchanting experienced a challenging start to the year, reflecting poor weather conditions and the continued weakness in construction activity, particularly in markets with greater exposure to new-build housing.


 


Revenue for the division was £112.3 million compared with £117.7 million in H1 2025. LFL revenue improved progressively after February 2026, and the rate of decline moderated to 2.3% in the second quarter, compared to a reduction of 4.9% for H1 2026, as a whole.


 


This improving trajectory reflects a gradual stabilisation in customer activity alongside the benefits of commercial and operational initiatives implemented across the division.


 


Performance varied across the portfolio. Lords Builders Merchants and George Lines both delivered positive LFL growth during the period, supported by their customer propositions and local market positions, while businesses with greater exposure to new-build housing remained more challenging.


 


The division is focused on increasing sales intensity, improving gross margin discipline, tightly controlling operating costs and ensuring that each branch delivers an appropriate return on capital employed.


 


Plumbing and Heating


 


The Plumbing & Heating division had a challenging first half. Revenue reduced to £96.4 million from £112.2 million in the comparable period, representing a LFL decline of 13.3%. As previously highlighted, the division did not benefit from the exceptional boiler market volumes experienced in March 2025, while the wider UK boiler market is estimated to have contracted by approximately 3% to 4%.


 


Within APP, performance was impacted by lower market share as we targeted value over volume. We have responded with a depot rationalisation, which reduces operating expenses by £1.5 million annualised, and strengthened the commercial team. A focused customer recovery programme is being implemented to improve service levels, re-engage inactive accounts and recover market share.


 


Importantly, the Plumbing & Heating division operates more broadly than just in traditional boiler activities. Spares revenue increased by approximately 8% during the period, benefitting from the resilient nature of repair and maintenance demand. Renewables also continued to progress, reflecting increasing customer adoption of low-carbon heating technologies.


 


These specialist categories remain strategically important and increase the division’s exposure to markets with stronger structural characteristics.


 


Digital


 


CMO has made significant progress since its acquisition in June 2025. Revenue increased by approximately 17.5% compared to H1 2026 and the business delivered positive EBITDA. The initial integration programme focused on restoring volumes, simplifying the operating model and reducing the cost base. Management is now focused on sustainable revenue growth, further margin improvement and increased operational efficiency.


 


The return to positive EBITDA is an important milestone and reflects a more efficient cost base, greater operational discipline and the actions taken to restore the business following acquisition.


 


Further opportunity remains to improve profitability, develop the product proposition and increase operational efficiency as the business moves into the next phase of its development.


 


Cash generation and operational improvement


 


Given the slower-than-anticipated market recovery, we have increased the pace and intensity of the Group’s operational improvement programme.


 


Each operating business has developed a focused improvement plan covering sales growth, gross margin, cost reduction, working capital and organisational effectiveness, with clearer ownership and regular Executive team review of delivery.


 


Capital allocation is also being tightly managed. Near-term priorities are to improve operational execution, convert profit into cash and reduce leverage through working capital discipline, restricted capital expenditure and delivery of the business improvement plans.


 


These actions are intended to strengthen returns and balance sheet resilience while preserving the Group’s ability to benefit from improving market conditions.


 


Our people


 


Periods of difficult trading place additional demands on our colleagues, and I would like to thank everyone across Lords for their continued commitment and hard work.


 


Our decentralised operating model remains an important strength. Our businesses succeed through the relationships our colleagues build with customers and suppliers with nimble decision making based on deep knowledge of the markets we serve.


 


At the same time, we are strengthening accountability across the Group, with clearer ownership of performance improvement initiatives and more frequent measurement of delivery.


 


Outlook


 


Trading in Merchanting improved during Q2 2026, but activity across our markets remains below the levels we had anticipated at the beginning of the year. We expect the recovery across our end markets to be more gradual than previously assumed. Our priorities for the remainder of the year are to increase market share within Plumbing & Heating, build on the improving momentum within Merchanting, deliver further benefits from CMO, grow our specialist businesses and convert profit into cash.


The Group retains established positions in fragmented markets. The operational improvements now underway, together with exposure to the long-term drivers of housing repair and maintenance, infrastructure and lower-carbon heating, are intended to position Lords for sustainable value creation as demand recovers.


 


Shanker Patel


Chief Executive Officer


30 September 2026


 


Chief Financial Officer Review


 


Financial review


 


Group revenue for the six months ended 30 June 2026 was flat at £232.1 million (H1 2025: £232.1 million), with contributions from four new branches opened since the beginning of 2025 and CMO, acquired in June 2025, substantially offsetting weaker underlying trading.  Group LFL revenue, adjusted for trading days, declined by 6.8%. Lower volumes were only partly offset by price and mix, resulting in lower profitability compared with both the prior year and our expectations entering 2026.


 


Adjusted EBITDA before property gains for the period was £8.4 million compared with £10.4 million in H1 2025, with adjusted EBITDA margin reducing to 3.6% from 4.5%. Adjusted operating profit was £2.3 million and adjusted loss before tax was £1.2 million.


 


Reported operating loss was £3.1 million after charging adjusting items of approximately £5.7 million, principally relating to restructuring activities, depot consolidation in P&H, redundancy costs and acquisition-related non-cash amortisation.


 


Gross margin and operating expenses


 


Group gross margin was 20.2% compared to 19.3% in the prior period reflecting pricing discipline and improved gross margin in Plumbing & Heating. Management continued to focus on improving procurement, product mix and branch-level gross margin management as part of the business improvement plans.


 


Cost control remained a significant focus. On an underlying basis, excluding the impact of new branches and CMO, the Group’s operating cost base reduced year-on-year by 1.9%.


 


Adjusting items


 


Adjusting items during the period are set out below:


 


 


H1 2026


H1 2025


 


£m


£m


Business combination charges and amortisation of acquired intangibles


2.0


2.1


Depot rationalisation in P&H


2.1


-


Restructuring and redundancy


1.3


-


Share-based payments


-


0.4


Arrangement fees following refinancing


0.3


-


 


5.7


2.5


 


Business combination charges and amortisation of acquired intangibles were similar to prior period at £2.0 million. In H1 2026, the Group incurred costs associated with the depot rationalisation at P&H of £2.1 million and restructuring, redundancy costs as Condell was rationalised, and further costs initiatives implemented across all divisions.


 


The Board continues to assess adjusting items carefully to ensure that the presentation of adjusted results provides shareholders with a clear understanding of underlying trading performance.


 


Cash flow, working capital and capital expenditure


 


Cash management remains a significant priority. Net debt increased as the December 2025 position unwound and as a result of the typical first half seasonal investment in working capital.  A proportion of the first half working capital investment is expected to unwind during the second half.


 


June 2026 delivered a strong working capital inflow, and further initiatives are underway across the Group to optimise inventory, enhance receivables collection and improve supplier terms.


 


Capital expenditure is being tightly controlled, and, for the remainder of 2026, expenditure will be prioritised towards essential maintenance and projects offering clear financial returns.


 


Net debt and liquidity


 


Net debt at 30 June 2026 was £26.5 million, compared with £20.9 million on 30 June 2025. On 2 April 2026, the Group refinanced its banking facilities, which are committed until 1 April 2029, with extension options. The facilities comprise a £20.0 million committed revolving credit facility (‘RCF’) and a £45.0 million receivables financing facility. At the period end, the Group had £32.4 million of available liquidity headroom.


 


Current leverage is above the Board’s medium-term target and reducing net debt is a key priority. This is being supported by inventory optimisation, enhanced receivables collection, supplier-term initiatives, restricted capital expenditure, delivery of operating improvement plans and the Group’s expected second-half seasonal cash profile. The Group continues to receive the support of its lending banks and other key stakeholders.


 


Taxation and earnings per share


 


The tax credit for the period was £1.4 million, representing an effective tax rate of 20.9%. Adjusted basic loss per share was 0.70 pence compared with 1.35 pence in H1 2025. Reported basic loss per share was 3.30 pence.


 


Capital allocation and dividend


 


Given the current trading environment and the Board’s priority on strengthening the balance sheet and reducing leverage, capital allocation is disciplined. Immediate priorities are to support the operating requirements of the Group, invest selectively where returns are compelling and reduce net debt.


 


No interim dividend will be declared for H1 2026 (H1 2025: 0.32p). The Board recognises the importance of dividends to shareholders and intends to review distributions in light of trading performance, cash generation and progress in reducing net debt.


 


Summary Balance Sheet


H1 2026


H1 2025


 


£m


£m


Tangible assets


10.6


9.0


Working capital


33.0


40.1


Operating capital employed


43.6


49.1


Deferred consideration


(1.7)


(2.9)


Other net assets


92.5


90.7


Leases


(71.4)


(67.2)


Net debt


(26.5)


(20.9)


Net assets


36.5


48.8


 


Working capital at 30 June 2026 was £33.0 million (30 June 2025: £40.1 million) and represented 7.0% of sales (30 June 2025: 8.7%). The movement reflects the Group’s continued focus on inventory optimisation and receivables collection together with the normal seasonal working capital profile.


 


Lease liabilities in respect of right-of-use assets were £71.4 million (30 June 2025: £67.2 million).  Deferred consideration of £1.7 million at the period end (30 June 2025: £2.9 million).


 


Stuart Kilpatrick


Chief Financial Officer


30 September 2026


 






Condensed consolidated statement of comprehensive income


For the six months ended 30 June 2026


 


 


Six months ended 30 June 2026 (unaudited)


 


Six months ended 30 June 2025 (unaudited)


 


 


Adjusted


Adjusting items (note 7)


Total


 


Adjusted


Adjusting items (note 7)


Total


 


Note


£’000


£’000


£’000


 


£’000


£’000


£’000


Revenue


5


232,055


–


232,055


 


232,109


–


232,109


Cost of sales


 


(185,123)


–


(185,123)


 


(187,322)


–


(187,322)


Gross profit


 


46,932


–


46,932


 


44,787


–


44,787


Administrative expenses


 


(38,559)


(3,652)


(42,211)


 


(34,424)


(802)


(35,226)


Property gains


 


–


–


–


 


1,714


–


1,714


Depreciation, amortisation and impairment


 


(6,098)


(1,716)


(7,814)


 


(5,866)


(1,700)


(7,566)


Operating profit/(loss)


 


2,275


(5,368)


(3,093)


 


6,211


(2,502)


3,709


Finance income


 


100


–


100


 


276


–


276


Finance expense


8


(3,541)


(364)


(3,905)


 


(3,361)


(46)


(3,407)


(Loss)/profit before taxation


 


(1,166)


(5,732)


(6,898)


 


3,126


(2,548)


578


Taxation


9


39


1,404


1,443


 


(679)


515


(164)


(Loss)/profit for the period and total comprehensive (expense)/income


 


(1,127)


(4,328)


(5,455)


 


2,447


(2,033)


414


 


 


 


 


 


 


 


 


 


Total comprehensive (expense)/income attributable to:


Equity owners of the Parent


 


(1,162)


(4,328)


(5,490)


 


2,270


(2,033)


237


Non-controlling interest


 


35


-


35


 


177


–


177


Total comprehensive (expense)/income


 


(1,127)


(4,328)


(5,455)


 


2,447


(2,033)


414


 


 


 


 


 


 


 


 


 


Earnings per share


Basic and diluted (loss)/earnings per share (pence)


 


(0.70)


(2.60)


(3.30)


 


1.35


(1.21)


0.14


The results for the period arise solely from continuing activities.


The condensed consolidated financial statements should be read in conjunction with the accompanying notes.


 






Condensed consolidated statement of financial position


As at 30 June 2026


 


 


30 June 2026


30 June 2025


31 December 2025


 


 


(unaudited)


(unaudited)


(audited)


 


Note


£’000


£’000


£’000


Non-current assets


 


 


 


 


Intangible assets


11


42,288


43,219


43,688


Property, plant and equipment


12


10,568


9,021


9,625


Right-of-use assets


13


56,931


55,337


56,755


Investments


 


4


243


104


Other receivables


 


244


130


244


 


 


110,035


107,950


110,416


 


 


 


 


 


Current assets


 


 


 


 


Inventories


 


49,766


48,093


51,342


Trade and other receivables


 


65,018


71,238


70,492


Cash and cash equivalents


14


9,089


16,631


15,049


 


 


123,873


135,962


136,883


 


 


 


 


 


Total assets


 


233,908


243,912


247,299


 


 


 


 


 


Current liabilities


 


 


 


 


Trade and other payables


 


(83,758)


(81,990)


(97,834)


Borrowings


14


(35,267)


(17,261)


(9,046)


Lease liabilities


 


(9,387)


(8,414)


(8,845)


Current tax liabilities


 


(110)


(892)


(276)


Provisions


 


(993)


-


(114)


 


 


(129,515)


(108,557)


(116,115)


 


 


 


 


 


Non-current liabilities


 


 


 


 


Other payables


 


(126)


(343)


(573)


Borrowings


14


-


(19,764)


(19,520)


Lease liabilities


 


(61,981)


(58,779)


(62,708)


Provisions


 


(1,857)


(1,917)


(1,842)


Deferred taxation


 


(3,925)


(5,665)


(4,574)


 


 


(67,889)


(86,468)


(89,217)


 


 


 


 


 


Total liabilities


 


(197,404)


(195,025)


(205,332)


 


 


 


 


 


Net assets


 


36,504


48,887


41,967


 


 


 


 


 


Equity


 


 


 


 


Share capital


 


831


831


831


Share premium


 


28,530


28,530


28,530


Merger reserve


 


(9,980)


(9,980)


(9,980)


Share-based payments reserve


 


1,180


1,849


1,180


Retained earnings


 


15,126


25,662


20,162


Equity attributable to owners of the Parent company


 


35,687


46,892


40,723


Non-controlling interests


 


817


1,995


1,244


Total equity


 


36,504


48,887


41,967






Condensed consolidated statement of changes in equity


For the six months ended 30 June 2026


 


Share capital


Share premium


Merger reserve


Share-based payment reserve


Retained earnings


Equity attributable to owners of the Parent company


Non-controlling interest


Total equity


 


£’000


£’000


£’000


£’000


£’000


£’000


£’000


£’000


At 1 January 2026


831


28,530


(9,980)


1,180


20,162


40,723


1,244


41,967


(Loss)/profit for the period and total comprehensive (expense)/income


-


-


-


-


(5,490)


(5,490)


35


(5,455)


 


 


 


 


 


 


 


 


 


Put and call options over non-controlling interests


-


-


-


-


(8)


(8)


-


(8)


Acquisition of non-controlling interests


-


-


-


-


462


462


(462)


-


Transactions with owners of the Company


-


-


-


-


454


454


(462)


(8)


 


 


 


 


 


 


 


 


 


At 30 June 2026 (unaudited)


831


28,530


(9,980)


1,180


15,126


35,687


817


36,504


 


 


Share capital


Share premium


Merger reserve


Share-based payment reserve


Retained earnings


Equity attributable to owners of the Parent company


Non-controlling interest


Total equity


 


£’000


£’000


£’000


£’000


£’000


£’000


£’000


£’000


At 1 January 2025


829


28,412


(9,980)


1,459


25,078


45,798


1,818


47,616


(Loss)/profit for the period and total comprehensive (expense)/income


-


-


-


-


237


237


177


414


 


 


 


 


 


 


 


 


 


Share-based payments


-


-


-


390


-


390


-


390


Share capital issued


2


118


-


-


-


120


-


120


Put and call options over non-controlling interests


-


-


-


-


347


347


-


347


Transactions with owners of the Company


2


118


-


390


347


857


-


857


 


 


 


 


 


 


 


 


 


At 30 June 2025 (unaudited)


831


28,530


(9,980)


1,849


25,662


46,892


1,995


48,887


 


 






Condensed consolidated statement of cash flows


For the six months ended 30 June 2026


 


 


30 June 2026


30 June 2025


 


 


(unaudited)


(unaudited)


 


 


£’000


£’000


Cash flows from operating activities


 


 


 


Profit/(loss) before taxation


 


(6,898)


578


Adjusted for:


 


 


 


Amortisation of intangible assets


 


2,034


1,907


Depreciation of property, plant and equipment


 


1,058


1,029


Depreciation of right-of-use assets


 


4,701


4,608


Impairment charge


 


21


22


Profit on disposal of property, plant and equipment


 


(52)


(1,680)


Gain on lease modifications


 


(148)


-


Share-based payment expense


 


-


390


Movement in provisions


 


(696)


-


Finance income


 


(100)


(276)


Finance expense


 


3,905


3,407


Exceptional non-cash


 


1,363


-


Operating cash flows before movements in working capital


 


5,188


9,985


Decrease in inventories


 


1,575


1,800


Decrease in trade and other receivables


 


5,474


5,299


Decrease in trade and other payables


 


(13,738)


(7,339)


Cash generated by operations


 


(1,501)


9,745


Income taxes


 


627


(132)


Net cash generated by operating activities


 


(874)


9,613


 


 


 


 


Cash flows from investing activities


 


 


 


Purchase of intangible assets


 


(409)


(230)


Business acquisitions (net of cash acquired)


 


-


(1,975)


Deferred consideration paid


 


(600)


(480)


Purchase of property, plant and equipment


 


(1,950)


(1,225)


Proceeds on disposal of property, plant and equipment


 


49


12,832


Proceeds on disposal of business


 


-


685


Proceeds on disposal of investment


 


100


-


Interest received


 


100


276


Net cash (used in)/received from investing activities


 


(2,710)


9,883


 


 


 


 


Cash flows from financing activities


 


 


 


Principal paid on lease liabilities


 


(4,737)


(4,765)


Interest paid on lease liabilities


 


(1,946)


(1,665)


Purchase of non-controlling interest


 


(545)


-


Proceeds from borrowings, net of transaction costs


 


26,128


36,900


Repayment of borrowings


 


(19,900)


(41,940)


Bank interest paid


 


(621)


(1,270)


Interest paid on invoice discounting facilities


 


(755)


(437)


Net cash outflow from financing activities


 


(2,376)


(13,177)


 


 


 


 


Net increase/(decrease) in cash and cash equivalents


 


(5,960)


6,319


 


 


 


 


Cash and cash equivalents at the beginning of the period


 


15,049


10,312


Cash and cash equivalents at the end of the period


 


9,089


16,631


 


 


Notes to the condensed consolidated interim financial statements


For the six months ended 30 June 2026


 



       General information



Lords Group Trading plc (‘Lords’, the ‘Company’) is a public limited company incorporated in England and Wales. The registered office is 2nd Floor, 12-15 Hanger Green, London W5 3EL. These condensed consolidated interim financial statements (the ‘interim financial statements’) as at and for the six months ended 30 June 2026 comprise the Company and its subsidiaries (together referred to as the ‘Group’). The Group is a specialist distributor of building, plumbing, heating and DIY goods principally selling to local tradesmen, small to medium sized plumbing and heating merchants, construction companies and retailing directly to the general public.


 



       Material accounting policies



 



    Basis of preparation



These interim financial statements have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as adopted for use in the United Kingdom. They do not include all of the information required in the annual financial statements and should be read in conjunction with the Group’s most recent audited consolidated financial statements for the year ended 31 December 2025 (the ‘Annual Financial Statements’) which have been prepared in accordance with UK-adopted International Accounting Standards. The Annual Financial Statements constitute statutory accounts as defined in section 434 of the Companies Act 2006 and a copy of these statutory accounts has been delivered to the Registrar of Companies. The auditor’s report on the Annual Financial Statements was not qualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.


 


The consolidated financial statements of the Group for the year ended 31 December 2025 are available at www.lordsgrouptradingplc.co.uk.


 


These interim financial statements have been prepared on a going concern basis and under the historical cost convention.


 


The half year financial information is presented in Sterling and all values are rounded to the nearest one thousand pounds (£1k) except where otherwise indicated.


 


The interim financial statements were approved for issue by the Board of Directors on 29 September 2026.


 


The accounting policies adopted in the preparation of the interim financial statements are consistent with those applied in the preparation of the Annual Financial Statements and the corresponding interim reporting period.


 



    Going concern



The Group's interim financial statements have been prepared on a going concern basis. In assessing the appropriateness of this basis, the Board has undertaken a detailed review of the Group's cash flow forecasts, liquidity, available financing facilities and the financial covenants applicable to those facilities. The assessment covers the period to at least 12 months from the date of approval of these interim financial statements and includes the Group's latest Board-approved forecast together with a range of severe but plausible downside scenarios.


 


At 30 June 2026, the Group had committed banking facilities of £65.0 million, comprising a £20.0 million committed revolving credit facility and a £45.0 million invoice financing facility, which are scheduled to mature on 1 April 2029. At 30 June 2026, the Group had cash and cash equivalents of £9.1 million and £23.3 million of undrawn facilities. The borrowings at 30 June 2026 comprise amounts drawn under the invoice financing facility. No amounts were drawn under the revolving credit facility at the reporting date.


 


The Group maintains constructive relationships with its lending banks and continues to receive their ongoing support. Following discussions with its lending banks, an amendment to its existing financing arrangements has been credit committee approved but is subject to formal documentation at the date of approval of these interim financial statements. The Directors have taken into account the proposed amendment’s ability, on conclusion, to meet the Group’s ongoing liquidity requirements, the progress towards completion of the formal amendment documentation and the Group's ongoing relationship with its lenders in assessing the Group's liquidity and financing position.


 


The Group's forecasts indicate that the Group has sufficient liquidity to meet its obligations as they fall due throughout the going concern assessment period. The Directors have also considered severe but plausible downside scenarios, including sensitivities to revenue, margins, cash generation and working capital. These scenarios have been considered alongside the mitigating actions available to the Group which, include, inter alia, further cost reductions, working capital management, control of capital expenditure and continued focus on cash generation.


 


Having reviewed the above the Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future and that it remains appropriate to prepare the interim financial statements on a going concern basis.


 



    Taxation



Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.


 



       Critical accounting judgements and estimates



When preparing the Group’s interim financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.


 



    Significant management judgements



Assessment of who has the risk and reward of ownership of non-controlling interests with put and call options


 


A key area of judgement applied in the preparation of these interim financial statements is determining whether the risk and rewards of ownership reside with the non-controlling interests or the Group when an acquisition has put and call options.


 


Where the pricing is at a variable price, the Group assesses the risks and rewards that reside with the non-controlling interests. This is because the exposure to any increase or decrease in the value of the business resides with the non-controlling interest, as they will either retain the investment indefinitely (if neither party exercises) or they can recover the fair value of the business through the exercise price.


 


Where the exercise price is a fixed amount (or an amount that varies only for the passage of time), then the risks and rewards reside with the Group. This is because once the put and call become exercisable, one party will be incentivised to exit because they benefit from doing so.


 



    Estimation uncertainty



Information about estimates and assumptions that may have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may be substantially different.


 


Impairment of goodwill, intangible assets, tangible assets and right-of-use assets


Under IAS 36, at the end of each reporting period the Group is required to assess whether there is any indication that goodwill, property, plant and equipment and right-of-use assets may be impaired. For impairment testing purposes, the Group has determined that each branch is a separate cash-generating unit (‘CGU’) on the basis that each branch has distinct assets at each location which are able to generate cash inflows. No indicators of impairment have been found to exist as at 30 June 2026.


 



       Alternative performance measures



The Group uses various measures which are not defined by Generally Accepted Accounting Principles (‘GAAP’) under International Financial Reporting Standards (‘IFRS’). The alternative performance measures (‘APMs’) should be considered in addition to, and not as a substitute for, or superior to, the information presented in accordance with IFRS, as APMs may not be directly comparable with similar measures used by other companies. The Group believes that APMs, when considered together with IFRS results, provide the readers of the interim financial statements with complementary information to better understand and compare the financial performance and position of the Group from period to period. The adjustments are usually items that are significant in size and/or non-recurring in nature. These measures are also used by management for planning, reporting and performance management purposes. Some of the measures form part of the covenant ratios calculations required under the terms of the Group’s borrowings. As APMs include the benefits of restructuring programmes or the use of acquired intangible assets but exclude certain significant costs, such as amortisation of intangible assets, litigation, material restructuring and transaction items, they should not be regarded as a complete picture of the Group’s financial performance, which is presented in IFRS results. The exclusion of adjusting items may result in underlying profits/(losses) being materially higher or lower than IFRS earnings.


 


For further information on the Group’s adjusting items, see note 7.


 



    Income statement APMs



 



 EBITDA



 


30 June 2026


30 June 2025


 


(unaudited)


(unaudited)


 


£’000


£’000


Operating (loss)/profit


(3,093)


3,709


Depreciation


5,759


5,637


Amortisation


2,034


1,907


Impairment charge


21


22


EBITDA


4,721


11,275


Exceptional items


3,652


412


Share-based payments


-


390


Adjusted EBITDA


8,373


12,077


Less: property gains


-


(1,714)


Adjusted EBITDA excluding property gains and losses


8,373


10,363


 



 Adjusted operating profit



 


30 June 2026


30 June 2025


 


(unaudited)


(unaudited)


 


£’000


£’000


Operating (loss)/profit


(3,093)


3,709


Amortisation of acquired intangible assets


1,695


1,678


Impairment charge


21


22


Exceptional items


3,652


412


Share-based payments


-


390


Adjusted operating profit


2,275


6,211


Deduct: property gains


-


(1,714)


Adjusted operating profit excluding property gains and losses


2,275


4,497


 



 Adjusted profit before tax



 


30 June 2026


30 June 2025


 


(unaudited)


(unaudited)


 


£’000


£’000


(Loss)/profit before tax


(6,898)


578


Unwinding of discounting on deferred consideration and put and call options


59


46


Amortisation of acquired intangible assets


1,695


1,678


Unamortised loan arrangement fees on refinancing


305


-


Impairment charge


21


22


Exceptional items


3,652


412


Share-based payments


-


390


Adjusted (loss)/profit before tax


(1,166)


3,126


 


 


 


 


 



    Balance sheet and cash flow APMs



 



 Net debt



 


30 June 2026


30 June 2025


 


(unaudited)


(unaudited)


 


£’000


£’000


Borrowings


35,267


37,025


Cash and cash equivalents


(9,089)


(16,631)


Unamortised loan arrangement fees


330


547


Net debt


26,508


20,941


 



 Adjusted cash generated by operating activities



Adjusted cash generated from operating activities is defined as net cash generated by operating activities plus exceptional items. Further detail on exceptional items can be found in note 7.


 


 


30 June 2026


30 June 2025


 


(unaudited)


(unaudited)


 


£’000


£’000


Net cash generated by operating activities


(1,501)


9,745


Exceptional items


3,652


412


Non-cash exceptional items


(1,363)


-


Adjusted cash generated by operating activities


788


10,157


 



 Free cash flow



 


30 June 2026


30 June 2025


 


(unaudited)


(unaudited)


 


£’000


£’000


Adjusted EBITDA


8,373


12,077


Working capital movement


(6,689)


(240)


Net capital expenditure


(1,901)


11,607


Principal and interest paid on lease liabilities


(6,756)


(6,430)


Operating cash flow


(6,973)


17,014


Income taxes


627


(132)


Net interest paid


(521)


(994)


Free cash flow


(6,867)


15,888


 



 Operating cash flow conversion



 


30 June 2026


30 June 2025


 


(unaudited)


(unaudited)


 


£’000


£’000


Operating cash flow


(6,973)


17,014


Adjusted operating profit


2,275


6,211


Operating cash flow conversion


n/a


939.8%


 


 


 


 



       Revenue



All of the Group’s revenue was generated from the sale of goods in the UK and was recognised at a point in time (rather than over time). No one customer makes up 10% or more of revenue in any period.


 


 



       Segmental analysis



Management currently identifies the Group’s three service lines as its operating segments. The Group’s CODM is its Executive Directors, and they monitor the performance of these operating segments, as well as deciding on the allocation of resources to them. Segmental performance is monitored using adjusted segment operating results. Inter‑segmental sales are conducted on an arm’s length basis and are immaterial. Further details on adjusting items can be found in note 7.


 


Merchanting


Plumbing and Heating


Digital


Total


Six months ended 30 June 2026


£’000


£’000


£’000


£’000


Revenue


112,302


96,364


23,399


232,055


Gross profit


29,055


13,152


4,725


46,932


Administrative expenses


(24,476)


(9,619)


(4,464)


(38,559)


Adjusted EBITDA before property gains


4,579


3,533


261


8,373


Property gains


-


-


-


-


Adjusted EBITDA


4,579


3,533


261


8,373


Depreciation, amortisation and impairment


(4,217)


(1,719)


(162)


(6,098)


Adjusted operating profit


362


1,814


99


2,275


Adjusting items


(2,517)


(2,723)


(128)


(5,368)


Operating loss


(2,155)


(909)


(29)


(3,093)


Finance income


 


 


 


100


Finance expense


 


 


 


(3,905)


Loss before taxation


 


 


 


(6,898)


Taxation


 


 


 


1,443


Loss for the period


 


 


 


(5,455)


 


 


 


 


 


Additions to non-current assets


2,614


1,639


1,656


5,909


 


 


Merchanting


Plumbing and Heating


Digital


Total


Six months ended 30 June 2025


£’000


£’000


£’000


£’000


Revenue


117,692


112,194


2,223


232,109


Gross profit


30,365


13,945


477


44,787


Administrative expenses


(23,846)


(10,008)


(570)


(34,424)


Adjusted EBITDA before property gains


6,519


3,937


(93)


10,363


Property gains


1,714


-


-


1,714


Adjusted EBITDA


8,233


3,937


(93)


12,077


Depreciation, amortisation and impairment


(4,129)


(1,737)


-


(5,866)


Adjusted operating profit/(loss)


4,104


2,200


(93)


6,211


Adjusting items


(1,557)


(945)


-


(2,502)


Operating profit/(loss)


2,547


1,255


(93)


3,709


Finance income


 


 


 


276


Finance expense


 


 


 


(3,407)


Loss before taxation


 


 


 


578


Taxation


 


 


 


(164)


Loss for the period


 


 


 


414


 


 


 


 


 


Additions to non-current assets


8,835


94


35


8,964


 


 



       Adjusting items



Exceptional items are presented separately as one-off costs that are unlikely to reoccur or costs outside normal business trading.


 


Merchanting


Plumbing and Heating


Digital


Total


Six months ended 30 June 2026


£’000


£’000


£’000


£’000


Exceptional items:


 


 


 


 


Restructuring


1,242


2,122


102


3,466


Business combinations


120


66


-


186


Adjusting items within EBITDA


1,362


2,188


102


3,652


Amortisation of acquired intangible assets


1,134


535


26


1,695


Impairment charge


21


-


-


21


Adjusting items within operating profit


2,517


2,723


128


5,368


Unwind of discount on deferred consideration and put and call options


 


 


 


59


Unamortised loan arrangement fees on refinancing


 


 


 


305


Adjusting items within profit/(loss) before tax


 


 


 


5,732


Tax on adjusting items


 


 


 


(1,404)


Adjusting items within profit/(loss) after taxation


 


 


 


4,328


 


 


Merchanting


Plumbing and Heating


Digital


Total


Six months ended 30 June 2025


£’000


£’000


£’000


£’000


Share-based payments


241


149


-


390


Exceptional items:


 


 


 


 


Business combinations


309


261


-


570


Adjustment to contingent consideration


(158)


-


-


(158)


Adjusting items within EBITDA


392


410


-


802


Amortisation of acquired intangible assets


1,143


535


-


1,678


Impairment charge


22


-


-


22


Adjusting items within operating profit and profit/(loss) before tax


1,557


945


-


2,502


Unwind of discount on deferred consideration and put and call options


 


 


 


46


Adjusting items within operating profit and profit/(loss) before tax


 


 


 


2,548


Tax on adjusting items


 


 


 


(515)


Adjusting items within profit/(loss) after taxation


 


 


 


2,033


 


Adjusting items in the first half of 2026 largely relate to depot rationalisation and restructuring costs of £2.1 million. Costs associated with business combinations included £1.7 million (H1 2025: £1.7 million) in relation to amortisation of acquired intangibles and £0.2 million (H1 2025: £0.4 million) of costs in relation to prior year acquisitions or deferred consideration. No charge was recognised in respect of share-based payments (H1 2025: £0.3 million).


 



       Finance expense



 


30 June 2026


30 June 2025


 


(unaudited)


(unaudited)


 


£’000


£’000


Bank loans and overdrafts


1,086


1,255


Invoice discounting facilities


755


437


Lease interest


1,946


1,665


Unwinding of discounting on deferred consideration and put and call options


59


16


Unwinding of discounting on dilapidations provisions


50


34


Other interest payable


9


-


 


3,905


3,407


 


 


 


 



       Taxation



Income tax in the first half of 2026 was a credit of £1.4 million (H1 2025: charge of £0.2 million) representing an effective tax rate of 20.9% (H1 2025: 28.4%).


 



   Earnings per share



 


30 June 2026


30 June 2025


 


(unaudited)


(unaudited)


(Loss)/profit attributable to equity holders of the parent (£’000)


(6,795)


237


 


 


 


Weighted average number of shares (m)


166.2


166.1


Number of dilutive options (m)


0.5


0.9


Weighted average number of shares – diluted (m)


166.7


167.0


 


 


 


Basic earnings per share:


 


 


(Loss)/earnings from continuing activities (pence)


(3.30)


0.14


 


 


 


Diluted earnings per share:


 


 


(Loss)/earnings from continuing activities (pence)


(3.30)


0.14


 


 


 


Both the basic and diluted earnings per share have been calculated using the earnings attributable to shareholders of the Parent company, as the numerator, meaning no adjustment to the loss was necessary in either year. Statutory diluted earnings per share calculation uses the 166.2 million as a denominator as dilutive shares would not increase loss per share.


 


The Group has also presented adjusted earnings per share which have been calculated using earnings attributable to shareholders of the Parent company, adjusted for the after-tax effects of adjusting items (see note 7).


 


30 June 2026


30 June 2025


 


(unaudited)


(unaudited)


(Loss)/profit attributable to equity holders of the parent (£’000)


(5,490)


237


Adjusting items, net of tax


4,329


2,033


Adjusted earnings


(1,161)


2,270


 


 


 


Adjusted basic earnings per share:


 


 


(Loss)/earnings from continuing activities (pence)


(0.70)


1.35


 


 


 


Adjusted diluted earnings per share:


 


 


(Loss)/earnings from continuing activities (pence)


(0.70)


1.35


 


 


 


 



   Intangible assets



 


Goodwill


Customer relationships


Trade names


Software


Total


£’000


£’000


£’000


£’000


£’000


Cost


At 1 January 2026


20,961


34,925


3,983


5,037


64,906


Additions


-


-


-


409


409


Adjustments to business combinations


341


145


(241)


-


245


Disposals


-


-


-


(99)


(99)


At 30 June 2026 (unaudited)


21,302


35,070


3,742


5,347


65,461


 


 


 


 


 


 


Accumulated amortisation and impairment


At 1 January 2026


(125)


(17,193)


(2,104)


(1,796)


(21,218)


Charge for the period


-


(1,533)


(162)


(339)


(2,034)


Impairment


-


-


-


(21)


(21)


Disposals


-


12


-


88


100


At 30 June 2026 (unaudited)


(125)


(18,714)


(2,266)


(2,068)


(23,173)


 


 


 


 


 


 


Net book value (unaudited)


21,177


16,356


1,476


3,279


42,288


 


 


 


 


Goodwill


Customer relationships


Trade names


Software


Total


£’000


£’000


£’000


£’000


£’000


Cost


At 1 January 2025


19,030


34,722


3,741


3,708


61,201


Additions


-


-


-


230


230


Acquired through business combinations


507


113


-


-


620


Disposals


-


-


-


(18)


(18)


At 30 June 2025 (unaudited)


19,537


34,835


3,741


3,920


62,033


 


 


 


 


 


 


Accumulated amortisation and impairment


At 1 January 2025


-


(14,159)


(1,470)


(1,288)


(16,917)


Charge for the period


-


(1,506)


(172)


(229)


(1,907)


Disposals


-


-


-


10


10


At 30 June 2025 (unaudited)


-


(15,665)


(1,642)


(1,507)


(18,814)


 


 


 


 


 


 


Net book value (unaudited)


19,537


19,170


2,099


2,413


43,219


 



   Property, plant and equipment



 


 


Land and building leasehold improvements


Plant and equipment


Total


 


£’000


£’000


£’000


Cost


At 1 January 2026


 


12,569


10,373


22,942


Additions


 


1,707


242


1,949


Disposals


 


(3)


(211)


(214)


At 30 June 2026 (unaudited)


 


14,273


10,404


24,677


 


 


 


 


 


Accumulated depreciation and impairment


At 1 January 2026


 


(5,619)


(7,698)


(13,317)


Charge for the period


 


(408)


(650)


(1,058)


Disposals


 


3


263


266


At 30 June 2026 (unaudited)


 


(6,024)


(8,085)


(14,109)


 


 


 


 


 


Net book value (unaudited)


 


8,249


2,319


10,568


 


 


Land and buildings


Land and building leasehold improvements


Plant and equipment


Total


£’000


£’000


£’000


£’000


Cost


At 1 January 2025


7,076


8,955


10,474


26,505


Additions


4


874


359


1,237


Acquired through business combinations


-


1,200


50


1,250


Disposals


(7,080)


-


(63)


(7,143)


At 30 June 2025 (unaudited)


-


11,029


10,820


21,849


 


 


 


 


 


Accumulated depreciation and impairment


At 1 January 2025


(572)


(4,848)


(7,004)


(12,424)


Charge for the period


(44)


(319)


(666)


(1,029)


Impairment


-


(15)


(7)


(22)


Disposals


616


-


31


647


At 30 June 2025 (unaudited)


-


(5,182)


(7,646)


(12,828)


 


 


 


 


 


Net book value (unaudited)


-


5,847


3,174


9,021


 


 


 


 


 


 


 



   Right-of-use assets



 


Leasehold property


Plant and equipment


Total


 


£’000


£’000


£’000


Cost


 


 


 


At 1 January 2026


74,401


22,339


96,740


Additions


2,395


1,156


3,551


Lease remeasurements and modifications


1,326


-


1,326


Disposals


(680)


(496)


(1,176)


At 30 June 2026 (unaudited)


77,442


22,999


100,441


 


 


 


 


Accumulated depreciation and impairment


 


 


 


At 1 January 2026


(30,320)


(9,665)


(39,985)


Charge for the period


(2,636)


(2,065)


(4,701)


Disposals


681


495


1,176


At 30 June 2026 (unaudited)


(32,275)


(11,235)


(43,510)


 


 


 


 


Net book value (unaudited)


45,167


11,764


56,931


 


 


Leasehold property


Plant and equipment


Total


 


£’000


£’000


£’000


Cost


 


 


 


At 1 January 2025


67,357


18,550


85,907


Additions


7,437


60


7,497


Disposals


(1,266)


(730)


(1,996)


At 30 June 2025 (unaudited)


73,528


17,880


91,408


 


 


 


 


Accumulated depreciation and impairment


 


 


 


At 1 January 2025


(24,361)


(8,892)


(33,253)


Charge for the period


(2,940)


(1,668)


(4,608)


Disposals


1,060


730


1,790


At 30 June 2025 (unaudited)


(26,241)


(9,830)


(36,071)


 


 


 


 


Net book value (unaudited)


47,287


8,050


55,337


 



   Cash and borrowings



 


 


30 June 2026


30 June 2025


 


 


(unaudited)


(unaudited)


 


 


£’000


£’000


Current


 


 


 


Bank loans


 


35,267


17,261


 


 


35,267


17,261


 


 


 


 


Non-current


 


 


 


Bank loans


 


-


19,764


 


 


-


19,764


 


 


 


 


Total borrowings


 


35,267


37,025


Cash and cash equivalents


 


(9,089)


(16,631)


Unamortised loan arrangement fees


 


330


547


Net borrowings


 


26,508


20,941


 


In 2025, borrowings on revolving credit facilities were classified as ‘non-current’ and at 30 June 2026, there were no borrowings on revolving credit facilities due to the refinancing on 2 April 2026 and all borrowings related to Invoice Financing, which is classified as current’


 


Total accrued interest of £38k (H1 2025: nil) has been added to bank loans and unamortised transaction costs of £368k (H1 2025: £547k) have been offset against the bank loans.


 


 


Unrestricted access was available at the reporting date to the following lines of credit:


 


 


 


30 June 2026


30 June 2025


 


 


(unaudited)


(unaudited)


 


 


£’000


£’000


Total facilities


 


 


 


Revolving credit facility


 


20,000


50,000


Invoice drawdown facility


 


45,000


25,000


 


 


65,000


75,000


 


 


 


 


Used at period end


 


 


 


Revolving credit facility


 


-


20,300


Invoice drawdown facility


 


35,597


17,300


 


 


 


 


 


 


 


 


Unused at period end


 


 


 


Revolving credit facility


 


20,000


29,700


Invoice drawdown facility


 


3,260


7,700


 


 


23,260


37,400


 


Financing facilities comprise a £20.0 million revolving credit facility (‘RCF’) and £45.0 million invoice financing facility (‘IFF’) maturing on 1 April 2029. The facilities include two uncommitted extension options of one year each which would, subject to lender approval, extend the tenor of the RCF to four years or five years if exercised.


 


The facilities contain covenants that require the ratio of adjusted EBITDA to net debt (excluding lease liabilities) and the ratio of adjusted EBITDA to net finance costs to remain within pre‑defined thresholds at each quarter‑end date. Each testing date covers the results for the previous 12 months.


 


Funds borrowed under the RCF bear interest at an annual rate of between 2.0% and 3.4% above the compounded Sterling Overnight Index Average (‘SONIA’), dependent on the Group’s leverage covenant. Funds borrowed under the IFF bear interest at an annual rate of 1.75% above the Bank of England Base Rate.


 


The banking facilities are subject to cross guarantees from the relevant Group undertakings and secured by fixed and floating charges over the land, tangible and other assets and insurances.


 


- ENDS -


 









 


 



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