Lords Group Trading — Trading Update & Banking Facility Amendments

(LSE:LORD) Lords Group Trading has completed amendments to its banking facilities, which include revised covenants effective through March 2029. The amended covenants set a target to reduce Group leverage to 3.0x bank-calculated Adjusted EBITDA by 31 March 2028. The amendments also prohibit dividends while leverage exceeds 3.5x. For the four months to 31 October 2026, Group like-for-like revenue declined by 3.1%. Over the ten months to 31 October 2026, Group like-for-like revenue was down 5.2%. Merchanting like-for-like revenue increased by 0.5% in the four months, but was down 2.4% over ten months. Plumbing & Heating like-for-like revenue declined by 11.1% in the four months and by 12.5% over ten months. Digital like-for-like revenue grew by 11.8% in the four months and by 15.3% over ten months. The Board now guides for FY 2026 Adjusted EBITDA of approximately £16.0m. The company expects recovery to be delayed into later FY 2027. Lords Group Trading cites annualised cost savings of £1.6m. The company also expects approximately £1.5m in cost savings from distribution rationalisation.