Updates

Lords

March 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

After a period in the doldrums, the shares have rallied after Lords said trading is ahead of market expectations for 2022. Revenues grew 24% to £450m with Merchanting sales up 69.2%, helped by value-added acquisitions and market share gains; like-for-like sales growth was 17.4%. New EBITDA guidance is for 26.9% growth to no less than £28.3m with ebitda margin +0.2% to 6.3% despite the inflationary backdrop for costs and “underlines the operational discipline of the business.” The group closed with net debt of £23.5m. Cenkos says Lords’ IPO target to hit £500m revenues by FY’24 is well on track with “a number of organic growth levers through new geographies and product range extensions while its market share in fragmented ...

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