Lords Group Trading has released results for H1/23 which show continued growth in revenue and profit. However, the company notes a slowing of activity at the end of Q2/23 and expects this to persist during the second half of the year. We are lowering our FY23E adjusted EBITDA forecast by 14.8% and for FY24E by 16.9%. We believe that the shares are undervalued notwithstanding this forecast downgrade, and we maintain a BUY recommendation. In this report we provide a brief summary of some of the dr ....
