UK's Lords Group dips on annual outlook behind market view

Lords Trading

07/09/2023 09:30

** Lords Group Trading  LORD.L  falls as much as 14.3% to
58.7p; eyes record intraday losses, if trend holds 
    ** Building materials distributor sees annual revenue of
about 450 mln pounds ($560.9 mln) and adjusted core profit of
about 27 mln pounds
    ** Rev, profit outlook behind company-provided analyst
consensus of 473.9 mln pounds, 31 mln pounds, respectively 
    ** Says persistent high levels of inflation, increasing
interest rates and weaker consumer confidence continue to reduce
demand for its private repairs, maintenance and improvement
services 
    ** Berenberg cuts target price to 105p from 120p; says co's
guided range well below market consensus 
    ** Stifel also cuts target price to 100p from 115p  
    ** Including session's losses, stock down ~26% so far this
year 


($1 = 0.8023 pounds)

 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))