The Group continues to trade in line with market expectations for the full year ending 31 December 2022.
Lords, a leading distributor of building materials in the UK, has issued a statement updating its trading performance until the end of the year.
Gary O’Brien, Non-Executive Chairman, said: “Since we issued our full year results on 24 May 2022, demand for the Group’s repairs, maintenance and improvement sector focused product offering has remained resilient and, notwithstanding inflationary pressures and the current macro outlook, the Group continues to trade in line with market expectations for the full year ending 31 December 2022.
“The Group has further evidenced its three P’s strategy (People, Plant, Premises) via the complete redevelopment and transformation of the Lords Builders Merchants branch in Beaconsfield, gaining additional scale, increasing our reach and broadening the product range. This branch was acquired in 2017 with revenues of £2.5 million and these have since grown organically to £8 million under our strategic management."
The refurbishment of the Beaconsfield branch provides additional organic growth opportunities via product range extension such as the first Advance Roofing supplies implant following the Group’s acquisition of this business in January 2022.
Boiler supply constraints persist in APP Wholesale, however underlying customer demand remains strong and indications support that the boiler supply issues will ease later in FY22.
Management actions continue to ensure plumbing and heating profitability remains in line with management expectations.
Current FY22 revenue and profitability expectations remain unchanged from the April trading update, with revenues of approximately £438 million and adjusted profit before tax of approximately £16 million.”
