London-based builders' merchant Lords experienced its biggest-ever single-day stock fall on Thursday, with shares plunging 20.61 per cent to an all-time low of 13p. The company's stock is now down over 40 per cent since the beginning of the year.
Chief financial officer Stuart Kilpatrick stated that the primary cause of the decline is a lack of confidence from markets and individuals. He also highlighted high interest rates and rising national insurance costs as ongoing concerns for the sector.
The construction industry, a significant contributor to the UK economy, is currently facing some of the sharpest cost increases in three decades. Homebuilder Berkeley previously warned that London could miss its housing targets without government intervention, while Crest Nicholson reported a £35m loss due to higher interest rates, rising costs, and deteriorating consumer confidence.
Lords Group posted revenue of £232m in the first half of the year, a slight decrease from £232.8m last year. Despite some improvements in its digital and merchanting divisions, the firm does not anticipate a significant market recovery in the second half of 2026. The board expects full-year revenue to be between £475m and £495m.