Proactive Investors - Lords Group, a distributor of building materials in the UK, rallied 10% after it told the market trading for the year ended 31 December was ahead of expectations.
The AIM-listed company expects to deliver record revenues, adjusted underlying earnings (EBITDA) and adjusted pre-tax profits when it releases its full-year results in April.
Revenues grew 23% to £450mln, while the “exceptional trading performance” helped deliver adjusted EBITDA growth to not less than £28.3mln compared to £22.3mln in 2021.
Adjusted profit-before-tax is expected to be £16mln.
While remaining mindful of the uncertain macroeconomic environment, Lords Group is confident it can deliver its IPO objective of achieving £500mln in revenue by 2024.
"I am proud of the progress Lords has made during 2022, continuing to deliver against our strategic plan whilst delivering record financial performance during the period,” said chief executive Shanker Patel.