REG - Lords Group Trading - AGM Statement

Lords TradingAnnouncement

20/06/2024 07:00

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RNS Number : 1157T  Lords Group Trading PLC  20 June 2024

 

 For immediate release  20 June 2024

 

 

Lords Group Trading plc

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

 

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 (BST) at the offices of Cavendish, 1 Bartholomew Close, London, EC1A 7BL,
Gary O'Brien, the Group's Independent Non-Executive Chairman, will make the
following statement:

 

"Since our trading update issued on 15 May 2024, revenue has been in line with
management expectations.  Demand for the Group's repair, maintenance and
improvement ('RMI') focused product offering has been similar to the first
quarter of FY24 and due to our customer service culture, gross margins have
been maintained.

 

"The Clean Heat Market Mechanism ('CHMM'), which we reported had caused
challenges in the first quarter of FY24, has had less impact on trading in
April and May.  Alloway Timber, which we acquired in September 2023, has now
been fully integrated into the Group and rebranded as Lords Builders Merchants
('LBM').  Four of its five sites in the South-East of England have been fully
refurbished, leading to strong, positive customer feedback.  Similarly,
Chiltern Timber, which we acquired in April 2023, has also been integrated
into LBM and operates from a modern specialist timber site in Hemel Hempstead.

 

"Whilst challenging macroeconomic conditions have impacted trading at the
start of FY24, the Group is well positioned in a highly fragmented and
essential RMI sector.  Our strong customer service culture combined with a
proven track record in selective acquisitions, gives the Board confidence that
this will lead to a sustainable increase in shareholder value over the medium
term."

 

- Ends -

 

FOR FURTHER ENQUIRIES:

 

 Lords Group Trading plc                                     Via Buchanan
 Shanker Patel, Chief Executive Officer                      Tel: +44 (0) 20 7466 5000
 Stuart Kilpatrick, Chief Financial Officer

 Cavendish Capital Markets                                   Tel: +44 (0)20 7220 0500

 (Nominated Adviser and Joint Broker)
 Ben Jeynes / Dan Hodkinson (Corporate Finance)
 Julian Morse / Henry Nicol / Charlie Combe (Sales and ECM)

 

 Berenberg                                                Tel: +44 (0)20 3207 7800

 (Joint Broker)

 Matthew Armitt / Richard Bootle / Detlir Elezi

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

 

 

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 31 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 17
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 48 sites.

 

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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