Lords Group Trading (LORD): Bank covenant and leverage reduction

What is happening

Lords Group Trading: Bank covenant and leverage reduction – Covenants amended through to March 2029. ['Covenants amended through to March 2029']

In short

Lords completed amendments to its bank facility covenants on 6 Nov 2026, as referenced in the interim results of 30 Sep 2026. The package runs to March 2029 with quarterly tests. The Group aims for leverage of 3.0x by March 2028, while weak Plumbing & Heating trading lowered FY 2026 EBITDA expectations to about £16m.

Announced

6 Nov 2026 · Covenants amended through to March 2029

Amendment

Revised covenant package completed 6 Nov 2026, meeting Group requirements through to March 2029

Testing

Quarterly testing thresholds

Leverage target

3.0x bank calculated Adjusted EBITDA at 31 March 2028 and beyond

Dividends

None paid while leverage remains above 3.5x bank calculated Adjusted EBITDA

FY 2026 EBITDA

Approximately £16 million expected, below previous expectations

What comes next

Quarterly covenant tests; leverage to 3.0x by 31 March 2028 (31 Mar 2028).

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