Lords Group Trading (LORD) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with a welcome and encouragement for shareholder questions via the Q&A platform.

• Board members and executive team introduced, including CEO, CFO, and independent non-executive directors.

• Notice of meeting and resolutions were posted to shareholders in advance, and poll voting procedures were explained.

Financial performance review

• Trading conditions remained challenging due to macroeconomic uncertainty and geopolitical tensions, impacting market confidence.

• Group revenue for the first five months of 2026 was £195 million, slightly down from £196.3 million in 2025, despite four new branches and an acquisition.

• Merchanting revenue was 4% lower at end of May 2026, affected by wet weather and supply chain pressures.

• Plumbing and heating revenue was 14% below prior year comparators, reflecting softer demand and reduced discretionary spending.

• CMO acquisition contributed positively, with revenue up 7% and positive EBITDA achieved.

Strategic initiatives and plans

• Distribution network reduced from seven to four locations, expected to save £1.4 million annually.

• Focus on customer service, gross margin, expense control, and working capital management to drive future profitability.

• Board expectations for the year remain unchanged, with close monitoring of market softness.