Lords Group reported FY25 results ahead of our forecasts, with adjusted EBITDA 4.0% above expectations, adjusted PBT 3.7% ahead, and the dividend 15.6% higher. The company has implemented measures during FY25 that have created a more diversified and scalable business which has increased gross margin to 19.7% versus 19.5% in FY24 while increasing market share. The balance sheet refinancing announced on 7 April 2026 provides the company with a stable platform to deliver growth in the medium term. ....
