A strong set of maiden full year results shows Lords has delivered record revenue and earnings growth.
Lords, a leading distributor of building materials in the UK, announces its annual results for the year ended 31 December 2021 (‘FY21’ or the ‘period’).
There was a strong performance across the Group, with all businesses demonstrating financial and operational progress.
Shanker Patel, CEO of Lords, said: “We are delighted to report such a strong set of maiden full year results where Lords has delivered record revenue and earnings growth, and demonstrated our ability to deliver against our strategic and financial objectives set out at IPO.
"First and foremost, I would like to thank our colleagues across the UK, who without their fantastic commitment and support for our vision, these results would not have been achieved.
“Due to the fragmented nature of the market in which we operate, Lords has a unique opportunity to deliver both organic and acquisitive growth and we are excited to successfully demonstrate this today.
"As we build our size, reach and product range, we will be able to further enhance our excellent service to our customers and this underpins our exciting growth strategy. Our industry has not been immune to the widespread challenges caused by price inflation and supply issues, the latter of which has recently affected the supply of boilers in our AAP business.
"We have taken all the necessary steps to ensure that we continue to achieve our growth and profit forecasts and with the current boiler issue, where demand remains strong, we will take every possible action to protect the strength of our business.
“Progress in the new financial year has continued to be strong, our four new value accretive acquisitions are performing in line with our expectations and we look forward with confidence as we aim to deliver sustainable and growing returns to our shareholders.”