Lords Group Trading PLC - London-based distributor of building, plumbing, heating and DIY goods - Expects revenue and adjusted pretax profit for 2022 to be no less than £450 million and £16.0 million respectively, both ahead of current market expectations. Lords said these are £436.7 million for revenue and £15.7 million for adjusted pretax profit. In 2021, revenue was £363 million and adjusted pretax profit was £10.2 million. Earnings before interest, tax, depreciation and amortisation is expected to reach no less than £28.3 million, beating market view of £26.5 million.

Chief Executive Officer Shanker Patel says: ‘While market conditions in 2023 may become more challenging in the short term, the group has substantial organic growth levers through new geographies and product range extension that provide our group with the opportunity to continue its track record of growth.’

Looking ahead, Lords remains confident to fulfil its objective to be a £500 million revenue business by 2024 and to achieve a 7.5% adjusted Ebitda margin over the medium-term.

Current stock price: 85.00 pence each, up 10% midday Wednesday in London

12-month change: down 14%

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