The Likewise Group is making steady progress towards its medium-term growth objectives, as shown by its recent half-year figures. For the year ending June 30, 2024, the UK floor coverings distributor saw a 6.2% increase in total sales revenue. Notably, Likewise Floors’ sales grew by 16.8%.
The company remains confident in its ability to grow, prompting the board to propose an interim dividend of 0.125p per share—an increase of 25% compared to the first half of 2023. This dividend is set to be paid on November 15, 2024.
Tony Brewer, chief executive of Likewise Group plc, commented on the company’s progress. Despite challenging market conditions and various unprecedented events affecting the UK flooring industry, Likewise has continued investing in logistics infrastructure, as well as sales and marketing initiatives. This investment has included hiring 14 additional sales executives over the past 12 months, bringing the total sales team to 94 members. Brewer added that despite these increased investments, the underlying operating profit for the company stands at £1.21 million, which surpasses last year’s figure.
The half-year financial results highlight an increase in gross margin by 1.1%, reaching 31.1%. Underlying EBITDA rose from £3.11 million in the first half of 2023 to £3.63 million this year. Similarly, the underlying profit from operations grew from £1.19 million in the first half of 2023 to £1.21 million this year. However, underlying profit before tax was £0.34 million, reflecting the impact of rising interest costs.
Additionally, Brewer announced that a deferred consideration of £4.27 million has been paid to settle all outstanding acquisition obligations. He noted that Likewise Group’s growth has benefited from support by key manufacturing partners, which has further strengthened with strategic developments involving other European manufacturers. The company is also optimistic about its product launches planned for the third and fourth quarters of 2024. These launches represent a significantly higher level of activity compared to any previous point in the company’s history, giving the leadership confidence in the continued strong growth of the business as it moves into 2025.
Likewise Group PLC (LON:LIKE) is a distributor of floorcoverings and matting and has the opportunity to consolidate the domestic and commercial floorcovering markets to become one of the UK’s largest distributors in this sector.
