Updates

Lords Group Trading

October 2022

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

H1 saw sales up 20% to £214m split 49% Merchanting and 51% Plumbing & Heating. Pretax profit was up 35% to £8.5m with EBITDA margin of 6.6% (vs 6.2%). The previously announced industry-wide boiler shortages resulted in a weak P&H performance and this caused LFL revenue to emerge 3.3% lower - so all the growth has come from the four acquisitions since IPO. Eps emerged at 3.9p. The acquisitions boosted the Merchanting division, which increased sales by 73% to £105.9m (LFL +14.5%) and Lords is continuing to outperform peers and gain market share. As I previously described this is essentially achieved through range extension, new site openings and localised operational gearing. EBITDA was up from £5.3m to £7.7m but margins we ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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