Lords has published its audited final results for the year ended 31 December 2025.
The newly released accounts boast of the company's resilience in a tough market. It shows "record revenue" of £472.8 million, up 8.3%, with positive LFL1 growth (+0.7%) despite subdued end markets. Merchanting LFL revenue grew by 3.1%; a result attributed to a customer-service-led model, reflecting market share gains alongside disciplined pricing. Plumbing and Heating (‘P&H') margins improved by 60bps, driven by product mix and margin management. Remarkably, renewables revenue were up 57%. As a result, adjusted profit before tax was £21 million.
Over the period, Lords acquired CMO, in June 2025, which the company says materially accelerating its digital capability and national reach. As it opened three new branches during the year, Lords also took structural cost actions, in particular following a P&H strategic review, to streamline the business.
Since the end of the period the business has opened a dual site in Bury St Edmunds in March, housing Lords Builders Merchants and Advance Roofing.
Shanker Patel, Chief Executive Officer of Lords, commented: "Despite a challenging backdrop, Lords made further progress in positioning the Group for growth. We grew revenue by 8.3%, reduced net debt by 59%, opened three new Merchanting branches and completed the acquisition of CMO, which broadened our customer reach and significantly strengthened our digital capability.
"While market conditions are likely to remain subdued in the near term, with ongoing uncertainty around inflation and interest rates, we have built a more diversified, more scalable business and the Group is now better positioned operationally and strategically than at any point in its recent history. Supported by our new banking facilities, we have the financial flexibility to continue investing selectively as opportunities arise.
"As the market recovers, we expect a disproportionate improvement in profitability driven by operating leverage across both our branch network and digital platform. We are confident that the strategic progress made in FY25 will translate into enhanced returns and sustainable shareholder value creation over the medium term."
