Lords Group Trading (LSE:LORD) reported broadly unchanged revenue for the first half as contributions from new merchanting branches, its CMO online business and plumbing and heating spares offset lower like-for-like sales.
Revenue for the period was £232.1 million, while like-for-like sales declined 6.8%.
Adjusted EBITDA fell to £8.4 million, and the building materials distributor reported a statutory loss for the period. Net debt increased to £26.5 million.
The company did not declare an interim dividend.
Merchanting and CMO Contribute to Revenue
Lords Group said trading trends in its merchanting operations improved during the period, while CMO and its plumbing and heating spares activities recorded growth.
New merchanting branches also contributed to group revenue, offsetting some of the impact from lower underlying demand.
The company supplies building materials to the construction, repair, maintenance and improvement markets, alongside products for the plumbing and heating sector.
Plumbing and Heating Depot Changes Target £1.5 Million Saving
Lords Group is rationalising its plumbing and heating depot network as part of measures to reduce operating costs.
Management expects the changes to lower annual expenses by approximately £1.5 million.
The board said its current priorities include increasing market share, maintaining margin discipline, managing working capital and reducing debt.
Lords Group Operations
Lords Group Trading operates building materials merchanting branches alongside its CMO online business and plumbing and heating operations.
The group serves trade and retail customers across construction, repair, maintenance and improvement and plumbing and heating markets.
Leave a Reply