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Lords Group Trading (LORD) investor relations material
Lords Group Trading H1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Group revenue for H1 2026 was £232.0 million, nearly flat compared to £232.8 million in H1 2025, reflecting resilience amid challenging market conditions.
Merchanting revenue declined to £112.3 million from £117.7 million, but showed sequential improvement from Q1 to Q2 2026.
Plumbing & Heating (P&H) revenue dropped to £96.3 million from £112.9 million, with spares revenue up 8% year-over-year.
Digital revenues increased by 17.5% compared to H1 2025.
CMO, acquired in June 2025, achieved EBITDA profitability after a turnaround from a loss-making position.
Financial highlights
Like-for-like group revenue for H1 2026 was 7.1% below the prior year after adjusting for trading days.
Merchanting like-for-like revenue declined 4.9% for the period, improving to a 2.3% decline in Q2 year-over-year.
P&H like-for-like revenue fell 13.9% year-over-year.
Net debt at period end was £29 million, with £30 million of available liquidity as of 30 June 2026.
Outlook and guidance
Full year 2026 revenue expected in the range of £475m–£495m.
Adjusted EBITDA for the full year forecast at £17m–£18m.
No significant market recovery anticipated in H2 2026, but medium-term prospects remain positive due to operational improvements.
- AGM approved all resolutions, highlighted digital growth, CMO integration, and ESG focus.LORD
AGM 2025 - Challenging markets led to cost-saving actions, director re-elections, and a final dividend declaration.LORD
AGM 2026 - Record revenue, digital expansion, and renewables growth drive margin and balance sheet improvement.LORD
H2 2025 - Revenue up 8.3%, net debt down 55%, and digital/renewables drive growth amid subdued markets.LORD
Q4 2025 TU - Revenue up 8.4% to £232.1m, CMO acquired, net debt reduced, outlook in line with expectations.LORD
H1 2025 - H1 2024 saw resilient margins, renewables growth, and cost savings amid challenging conditions.LORD
H1 2024 - Resilient FY24, cost savings, and improved liquidity drive strong Q1 2025 revenue growth.LORD
H2 2024
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