Lords Group Trading shares drop as gloomy outlook
By Benjamin Chiou
Date: Thursday 30 Jul 2026
(Sharecast News) - Shares in Lords Group Trading tanked on Thursday after the building materials and DIY products distributor lowered its full-year forecast after a tough first half, saying it sees no signs of any substantial market recovery in the near term.
Full-year revenues are now expected to be £475m-£495m, with adjusted EBITDA tipped to be £17m-18m, compared with £473m and £21m in 2025, respectively.
While the firm didn't previously disclose specific numerical targets, current consensus estimates were for sales of closer to £520m.
Lords said it put in a "resilient performance" in the six months to 30 June, which had to contend with challenging conditions across end markets, particularly in new housing and wholesale plumbing sectors. 2025 results also benefited from "exceptional" market volumes in the plumbing and heating (P&H) sector.
Group revenues totalled £232m in the first half, more or less flat on the year before. Merchanting revenues fell to £112m from £118m though like-for-like revenues improved sequentially from the first to the second quarter. However, P&H revenues dropped to £96m from £113m, due to the ongoing structural decline in the UK boiler market over recent years.
"Whilst trading in the Merchanting division improved in the second half of the Period, activity levels across the Group's end markets continue to be below the comparative period in 2025," Lords said.
The company added that there are "no indications of a significant market recovery in the second half of 2026".
Shares were 21.3% lower at 12.99p by 1440 BST.
See the latest RNS on Investegate.
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10 Lower Thames St,
London EC3R 6EN