Lords Group Trading (LORD) Q4 2025 TU earnings summary

Executive summary

• FY25 revenue rose 8.3% year-over-year to £473 million, with like-for-like growth of 0.7%.

• Adjusted EBITDA expected to meet market consensus; net debt reduced by 55% to £14.5 million.

• Acquisition of CMO, a leading online-only builders' merchant, contributed £26 million in revenue since June 2025.

Financial highlights

• Merchanting revenue increased 6.0% to £227 million, supported by three new branch openings and 3.1% LFL sales growth.

• Plumbing and Heating revenue was resilient at £220 million, with renewables revenue up 57% year-over-year.

• Digital division (CMO) achieved profitability in H2 FY25.

• Facility headroom at year-end was £60.5 million.

Outlook and guidance

• Entering FY26 with significantly reduced net debt and a diversified platform.

• Board remains confident in medium-term growth, focusing on cost control, efficiency, and strategic initiatives.

• Market remains subdued, but operational leverage and growth opportunities are expected as volumes improve.