Lords Group Trading
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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.
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H1 2026 TU earnings summary30 Jul, 2026

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.

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