TIDMLORD
RNS Number : 6852T
Lords Group Trading PLC
26 July 2022
For immediate release 26 July 2022
Lords Group Trading plc
('Lords', the 'Group' or the 'Company')
Trading Update and Notice of Interim Results
Lords, a leading distributor of building materials in the UK, is
pleased to provide the following 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.
Highlights
-- Trading in line with market expectations for FY22, being
revenue of GBP435.0 million (FY21: GBP363.3 million), adjusted
EBITDA of GBP26.0 million (FY21: GBP22.3 million) and adjusted
profit before tax(1) of GBP16.0 million (FY21: GBP10.2 million),
with positive H1 2022 momentum carried into the beginning of the
second half
-- Group revenue for the period increased 19.9% to GBP214.7
million (H1 FY21: GBP179.0 million) with the divisional and like
for like ('LFL')(2) breakdown as follows:
Revenue by division: H1 2022 H1 2021 % Growth % LFL Growth
GBPm GBPm
-------- --------
Merchanting 105.9 61.1 73.2% 14.5%
-------- -------- --------- -------------
Plumbing & Heating 108.7 117.9 (7.8)% (12.5)%
-------- -------- --------- -------------
Total Group 214.7 179.0 19.9% (3.3)%
-------- -------- --------- -------------
-- Adjusted EBITDA(3) for the period is expected to be up
approximately 33% to c.GBP14.0m (H1 2021 reported: GBP10.5
million(4) ). Management actions taken in H1 2022 continue to
ensure profitability is upheld in Plumbing & Heating
-- Integration of all five acquisitions since IPO in July 2021
are now complete and all performing in line with management
expectations
-- Group remains on track to deliver strategic targets of
GBP500.0 million revenue in 2024 and 7.5% EBITDA margin in the
medium term
Trading performance and strategic progress
Overall Group trading was strong in the first half of the year
with total revenue growth of 19.9%. This positive momentum has
continued in to H2 2022 as the Group continues to execute its
strategy, through organic levers including product range extension,
new site openings, and digital and operational leverage and in
executing value added acquisitions.
Demand for the Group's Merchanting division has continued to be
strong, as Lords continues to take advantage of its brand's
successful positioning as the local market leaders in premises
across the UK. The strength of the Group's brand and local market
presence has positioned the Group well.
Performance in Lords' Plumbing and Heating division ('P&H')
has proven resilient and customer demand remains strong. Management
actions taken in H1 2022 continue to ensure profitability is upheld
despite the industry wide boiler component shortage which
management expects to ease during H2 2022.
Product range extension allows the Group's brands to secure a
greater share of their customers wallet, whilst also attracting new
customers. During the first half the Group has added ranges to
support the decarbonisation of the UK housing stock, including
heating controls, air source heat pumps and underfloor heating
within its P&H division.
The Group is also pursuing new locations for its brands that
offer EBITDA margin accretion and 20%+ return on investment. During
H1 2022 the Group has delivered the following locations:
-- Advance Roofing Supplies, an acquisition completed in Q1
2022, has now been implanted into Lords Builders Merchants
Beaconsfield site, offering customers a logical product range
extension and increasing the returns on that site
-- George Lines, the Group's specialist civils merchant brand,
has expanded by opening a third location in Horsham
-- Mr Central Heating, our leading multi-channel Plumbing &
Heating brand supplying the installer and end user customer
segments, is due to open its tenth branch in West Bromwich in Q3
2022.
Notice of Interim Results
There will be a conference call for analysts at 09.00hrs on the
day of the interim results on 6 September 2022, which will be
hosted by Shanker Patel (CEO) and Chris Day (CFO). Please contact
Buchanan at LGT@buchanan.uk.com if you would like to receive
details.
For retail investors, the Group will also be presenting its H1
2022 results via the Investor Meet Company platform and a further
announcement detailing the specific timing for this will be issued
in due course.
Shanker Patel, Chief Executive Officer of Lords Group Trading
plc, said: "As we complete our first twelve months trading on AIM,
it is fantastic to reflect on the financial and operational
progress that Lords has achieved and, on behalf of the Board, I
would like to thank all our colleagues across the UK for their
continued hard work and commitment. I am also delighted with our
strategic progress in the first half of 2022 and we have a
substantial opportunity to grow the Group's current < 1% market
share through bringing in new customers, a greater share of
customer wallet, product range extension, new geographies, digital
capability and valued added acquisitions.
"We have demonstrated that we are able to consistently grow our
Group revenues and profitability as we deliver both our organic and
inorganic growth strategies. Our size, reach and product range are
ensuring the strength of our proposition continues to stand out in
our markets despite ongoing macro-economic uncertainties."
Notes:
(1) Adjusted PBT (basic) is defined as profits before tax before
amortisation of goodwill.
(2) Like-for-like is defined as revenue growth for the period
excluding the impact of acquisitions and new branch openings
(3) Adjusted EBITDA is defined as earnings before interest, tax,
depreciation and amortisation, share option expense, acquisition
costs and exceptional items, and is stated on an IFRS basis.
4 Adjusted EBITDA for the 6 months ended 30 June 2021 currently
expected to be restated as GBP11.0 million in the Company's interim
results to be published on 6 September 2022.
- 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 Tel: +44 (0)20 7397
and Joint Broker) 8900
Ben Jeynes / Max Gould / Dan Hodkinson (Corporate
Finance)
Alex Pollen (Sales)
Berenberg (Joint Broker) Tel: +44 (0)20 3207
Matthew Armitt / Richard Bootle / Ciaran 7800
Walsh
Buchanan Communications Tel: +44 (0) 20 7466
5000
Henry Harrison-Topham / Stephanie Whitmore LGT@buchanan.uk.com
/ Kim Looringh-van Beeck / Abby 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 GBP500 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 .
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended. Upon
the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCSEMESIEESEFW
(END) Dow Jones Newswires
July 26, 2022 02:00 ET (06:00 GMT)
Lords Group Trading (LSE:LORD)
過去 株価チャート
から 2 2024 まで 3 2024
Lords Group Trading (LSE:LORD)
過去 株価チャート
から 3 2023 まで 3 2024