Lords on track for £500m sales by 202425 May 2022
Lords Group Trading plc, which operates a network of 45 builders merchants, says it is on track to deliver its target of £500m annual sales by 2024 after posting a healthy set of annual financial results.
The company posted 2021 full year sales (for the year ended December 31, 2021) of £363.3m, up 26.3% on 2020 (£287.6m) and pre-tax profits of £8m – a 122.1% rise on a year ago. Adjusted EBITDA was £22.3m, a 40.1% rise on a year ago.
Lords said like-for-like revenue growth was 18.1% over 2020 and 20.8% ahead of 2019, demonstrating a swift rebound and acceleration post pandemic.
“We are delighted to report such a strong set of maiden full year results where Lords has delivered record revenue and earnings growth, and demonstrated our ability to deliver against our strategic and financial objectives set out at IPO,” said Shanker Patel, CEO of Lords.
“Due to the fragmented nature of the market in which we operate, Lords has a unique opportunity to deliver both organic and acquisitive growth and we are excited to successfully demonstrate this today.”
Lords has made four acquisitions since the end of 2021, enhancing the Group’s geographical presence and offering scope for further growth through extended product ranges.
It said demand in the RMI sector focused product offering remained strong.