Updates

Lords

November 2024

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.

Despite challenging conditions, Lords published resilient interims and is expected to meet full year expectations. Revenues fell nearly 4% to £214.2m (down 6.1% like-or-like) with adjusted EBITDA £12.6m vs £15.1m a year ago. With the Builders Merchants index falling 5.8% in Q2, conditions have been difficult but the acquisitions of Chiltern Timber and Alloway Timber (combined £3.85m) limited revenue decline to 4.4% to £106m (minus 9% like-for-like). Within plumbing & heating, the introduction of the Clean Heat Market Mechanism or “boiler tax” (fines on manufacturers if they don’t meet heat pumps sales targets) meant buyers brought forward their purchases to late 2023. As a result sales fell 3.2%. Although trading has no ...

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Energean

Playtech

Lords (March 2024)

Lords (November 2023)

Lords Group - PE just 8.6 in spite of second upgrade (June 2023)

Lords (March 2023)

Lords (October 2022)

Lords - Largest deal to date (June 2022)

Lords (April 2022)

Lords Group Trading - Acquisitive builders merchant aims to more than double EBITDA by 2024 (November 2021)

Lords Group Trading - New issue makes strong debut (October 2021)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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