Business
Trading Update and Notice of Interim Results
Trading Update and Notice of Interim Results.
About this update from Lords Group Trading Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n For immediate release\n \n \n \n \n \n \n 26 July 2022\n \n \n \n \n \n \n \n \n \n \n \n Lords Group Trading plc\n \n \n \n ('Lords', the 'Group' or the 'Company')\n \n \n \n \n \n \n Trading Update and Notice of Interim Results\n \n \n \n \n \n \n \n \n Lords, a leading distributor of building materials in the UK, is pleased to provide the following\n trading update for the six-month period ended 30 June 2022 (the 'period' or 'H1 2022') ahead of the publication of its interim results on 6 September 2022.\n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n ·\n Trading in line with market expectations for FY22, being revenue of £435.0 million (FY21: £363.3 million), adjusted EBITDA of £26.0 million (FY21: £22.3 million) and adjusted profit before tax1 of £16.0 million (FY21: £10.2 million), with positive H1 2022 momentum carried into the beginning of the second half\n \n \n \n \n \n ·\n Group revenue for the period increased 19.9% to £214.7 million (H1 FY21: £179.0 million) with the divisional and like for like ('LFL')2 breakdown as follows:\n \n \n \n \n \n \n \n Revenue by division:\n \n \n \n \n \n \n H1 2022\n \n \n \n \n £m\n \n \n \n \n \n \n H1 2021\n \n \n \n \n £m\n \n \n \n \n \n \n % Growth\n \n \n \n \n \n \n % LFL Growth\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Merchanting\n \n \n \n \n 105.9\n \n \n \n \n 61.1\n \n \n \n \n 73.2%\n \n \n \n \n 14.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Plumbing & Heating\n \n \n \n \n 108.7\n \n \n \n \n 117.9\n \n \n \n \n (7.8)%\n \n \n \n \n (12.5)%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total Group\n \n \n \n \n \n \n 214.7 \n \n \n \n \n \n \n 179.0\n \n \n \n \n \n \n 19.9%\n \n \n \n \n \n \n (3.3)%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ·\n Adjusted EBITDA3 for the period is expected to be up approximately 33% to c.£14.0m (H1 2021 reported: £10.5 million4). Management actions taken in H1 2022 continue to ensure profitability is upheld in Plumbing & Heating\n \n \n \n \n \n ·\n Integration of all five acquisitions since IPO in July 2021 are now complete and all performing in line with management expectations\n \n \n \n \n \n ·\n Group remains on track to deliver strategic targets of £500.0 million revenue in...