Lords, the growing builders merchant group, has issued a trading update for the six-month period ended 30 June 2022, ahead of the publication of its interim results on 6 September 2022.
Group total revenue for the period increased by 19.9% to £214.7m, from £179.0m. Within that, the builders merchant side saw turnover increase by 73% to £105.9m from £61.1m, while the plumbing and heating side fell by 7.8% to £108.7m, from ££117.9m.
The group reports that it remains on track to deliver strategic targets of £500m revenue in 2024.
Advance Roofing Supplies, an acquisition completed in Q1 2022, has now been implanted into Lords Builders Merchants Beaconsfield site, offering customers a logical product range extension and increasing the returns on that site, while the specialist civils merchant brand George Lines has expanded by opening a third location in Horsham.
Mr Central Heating, the multi-channel Plumbing & Heating brand supplying the installer and end user customer segments, is due to open its tenth branch in West Bromwich in Q3 2022.
Shanker Patel, CEO of Lords Group Trading plc, said: “As we complete our first twelve months trading on AIM, it is fantastic to reflect on the financial and operational progress that Lords has achieved and, on behalf of the Board, I would like to thank all our colleagues across the UK for their continued hard work and commitment. I am also delighted with our strategic progress in the first half of 2022 and we have a substantial opportunity to grow the Group’s current < 1% market share through bringing in new customers, a greater share of customer wallet, product range extension, new geographies, digital capability and valued added acquisitions.
“We have demonstrated that we are able to consistently grow our Group revenues and profitability as we deliver both our organic and inorganic growth strategies. Our size, reach and product range are ensuring the strength of our proposition continues to stand out in our markets despite ongoing macro-economic uncertainties.”