Likewise, a floor coverings distributor, has reported an increase in sales for the first half of 2024, reflecting its ongoing commitment to investment in various aspects of the business. The company’s unaudited interim results, which cover the six months ending 30 June 2024, show that total sales reached £70.7m, up by 6.2% from £66.6m in 2023.
The gross margin also saw improvement, rising from 30% to 31.1%. Underlying EBITDA grew from £3.11m to £3.63m. However, pre-tax profit fell to £0.34m, down from £0.71m in the previous year. This decrease in profit is attributed to the increased costs of interest during the period.
Likewise has been making strategic investments in its logistics infrastructure and is expanding its sales and marketing efforts. This includes the recruitment of 14 additional Sales Executives over the last year, bringing the total to 94. The company’s efforts to strengthen its sales team highlight its focus on increasing market reach and improving customer service.
Within the group, Likewise Rugs and Matting continues to grow its business across sectors such as DIY stores, garden centres, hardware stores, and independent retailers. Meanwhile, the businesses of Likewise South, Likewise London, and Likewise South East are reportedly making good progress, particularly in the South of England, where there is significant untapped potential for further growth.
Tony Brewer, Chief Executive of Likewise Group plc, stated that despite challenging market conditions, the group remains dedicated to its investment strategy. He acknowledged that short-term profitability goals are difficult to meet but expressed confidence in the long-term outlook. Brewer emphasised that the company’s strong relationships with flooring manufacturers and customers, coupled with its logistics capabilities developed over the past three years, place it in an excellent position to seize future opportunities. He also noted that as consumer demand and markets stabilise, the group is well positioned for further success.
The report highlights that while the current market conditions are tough, the company’s continued investment in infrastructure and people is laying the groundwork for future growth and expansion.
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.
