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Lords Group warns on FY24 profits despite solid Q4 performance
(Sharecast News) - Building materials distributor Lords Group warned on Tuesday that adjusted underlying earnings would fall short of FY24 expectations after revenues slipped throughout the year. Lords said FY24 revenues were now expected to be approximately £436.0m, down from £463.0m a year earlier, and warned that adjusted underlying earnings were now pegged to be "slightly below" current consensus estimates of between £23.0m and £23.8m.
The London-listed group stated its merchanting unit had entered the new financial year "with positive momentum", having delivered "a strong final quarter" with Q4Y24 revenue 11% higher than Q423. Plumbing and heating, however, experienced weaker market conditions in Q424, with revenue 17% below Q423.
Looking forward, Lords said it had continued to "demonstrate its resilience" and has held its market position in challenging market conditions. It believes this has positioned the firm "strongly" for the anticipated recovery in the construction market.
As of 0910 GMT, Lords Group shares were down 5.92% at 28.79p.
Reporting by Iain Gilbert at Sharecast.com
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