Likewise Group reports continuing progress towards growth objectives
The Likewise Group has continued its growth towards its medium term objectives.
Half year figures reveal that the fast growing UK floor coverings distributor has continued to increase total sales revenue by 6.2% in the year to June 30, 2024.
The overall figures include continued growth in Likewise Floors’ sales of 16.8%.
Confidence in Likewise Group’s continuing growth has prompted the board to propose an interim dividend of 0.125p per share, up 25% on the first half of 2023, which will be paid on November 15, 2024.
Tony Brewer, chief executive of Likewise Group plc, said: “Despite challenging market conditions and widely publicised unprecedented events throughout all sectors of the UK flooring industry, Likewise continues to invest in the logistics infrastructure plus extensive sales and marketing initiatives.
“This includes the recruitment of 14 additional sales executives in the last 12 months, taking the total number to 94.
“Notwithstanding the increased investment, particularly in the various sales teams, our underlying operating profit of £1.21 million is ahead of the previous year.”
The half year results show a gross margin increase of 1.1% to 31.1%, and underlying EBITDA up from £3.11 million in the first half of 2023 to £3.63 million this year.
Underlying profit from operations is similarly up from £1.19 million in the first half of 2023 to £1.21 million this year, but the underlying profit before tax of £0.34 million reflects the rising cost of interest.
Mr Brewer also announced that deferred consideration of £4.27 million has been paid in settlement of all outstanding acquisition obligations.
He added: “Likewise Group has developed with support from its key manufacturing partners and has now further strengthened following the additional strategic development with other important European manufacturers.
“The product launches in Q3 and Q4 2024 are at a significantly higher level than at any time during our short history and gives us every confidence that we will be able to continue to grow the business strongly into 2025.”
