Lords Group says 2022 performance in line with market views
By Michael Susan
Lords Group Trading PLC said Tuesday that performance for 2022 is in line with market expectations, driven by strong demand in its trading division.
The building, plumbing, heating and DIY supplies distributor said market expectations for annual revenue are 435.0 million pounds ($524 million), down from 363.3 million sterling in 2021.
Adjusted pre-tax profit – which excludes exceptional and other one-off items – is expected to be £16.0m, up from £10.2m a year earlier, it said.
The company added that revenue for the first half to June rose 20% to £214.7m. The increase was mainly driven by the trading division, which increased by 73%.
The company said it remained on track to meet the 2024 revenue target of £500.0 million and earnings before interest, tax, depreciation and amortization of 7.5%.
“Demand for the trading division of the group has remained strong, as Lords continues to build on its successful brand positioning as a local market leader in premises across the UK,” he said. added.
Shares at 0755 GMT were up 2.0 pence, or 2.6%, at 80.0 pence.
Write to Michael Susin at michael.susin@wsj.com