REG - Lords Group Trading - AGM Statement

Lords TradingAnnouncement

29/06/2022 07:00

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RNS Number : 5491Q  Lords Group Trading PLC  29 June 2022

 For immediate release  29 June 2022

 

 

Lords Group Trading plc

('Lords', the 'Group' or the 'Company')

 

AGM Statement

 

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."

 

- Ends -

 

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)                                                   Tel: +44 (0) 20 3207 7800

 Matthew Armitt / Richard Bootle / Ciaran Walsh

 Buchanan Communications                                                    Tel: +44 (0) 20 7466 5000
 Henry Harrison-Topham / Stephanie Whitmore/ Kim Looringh-van Beeck / Abby  LGT@buchanan.uk.com (mailto:LGT@buchanan.uk.com)
 Gilchrist

 

 

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
(http://www.lordsgrouptradingplc.co.uk/) .

 

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