Shanker Patel is the CEO of building supplies group Lords
(Picture: Daniel Jones Photography)Newly floated building supplies firm Lords has recorded higher sales and a bounce back from Covid-19 disruption.
The builders’ merchant was among firms to see initial disruption last year as lockdowns came in and many construction sites temporarily closed.
Lords Group Trading, which floated at 95p per share in July, sells products such as bricks and radiators to trade customers, as well as individual DIY enthusiasts. It saw revenues in the half year to June 30 reach £179 million, up from £124 million.
Pre-tax profit improved to £4.5 million from a £300,000 loss a year earlier.
Chief executive Shanker Patel said the group has seen higher prices for some steel products this year. The AIM-listed firm said: “It is anticipated that upstream supply chain pressure will continue to some extent over the coming months, predominantly within our merchanting division. We are confident that our partnership approach with suppliers and large well stocked premises will continue to minimise the impact on our customers.”
The company is focused on the repair, maintenance, and improvement ("RMI") market which represents 80% of group revenue.
It said: “The long-term fundamentals of the RMI market are supported by pent up demand due to historic under investment in the UK housing stock and enhanced consumer savings triggered by the Covid-19 pandemic.”
