Lords Group swings to profit in first half

Building materials distributor Lords Group, which recently listed on AIM, said on Tuesday that it swung to a first-half profit as revenues rose.

In the six months to the end of June, the company swung to a pre-tax profit of £4.5m from a loss of £0.3m in the same period a year ago as revenues increased to £179m from £124m. Lords proposed an interim dividend of 0.63p a share.

Lords highlighted a strong performance across the group and a notable record contribution from Lords Builders Merchants.

Chairman Gary O’Brien said: "Market conditions remained favourable in our core markets throughout the period and I am delighted to report on a very strong first half, which was subsequently followed by our successful AIM IPO in July.

"We have continued to focus on our stated strategy of bolt-on acquisitions and organic growth, with H1 2021 reflecting significant milestones in both channels. I am also pleased to report that the acquisition pipeline remains strong and we are in discussions with a number of potential businesses that would enhance the group's proposition."

At 1220 BST, the shares were down 5% at 134.44p.