LORD

Lords Group Trading PLC

Construction and Materials First-pass screen £28m

400/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 50

Valuation 25% 40

Downside protection 15% 55

First-pass take

Lords is a UK building materials distributor with defensive RMI exposure. FY24 saw EBITDA margin compress to 5.1% and statutory losses (£2.6m) amid weak construction market. Minimal AI exposure, operating leverage currently suppressed (profit down 37% on 5.6% revenue decline), no valuation data. Strong liquidity (£62.6m available) and net debt/EBITDA at 1.45x provide some downside protection.

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