The undercurrent of transformation within Likewise Group is gathering pace, as its quietly expanding network and execution discipline begin aligning towards a £200 million turnover horizon. Beneath the surface, a systematic expansion of infrastructure and capabilities is crafting a robust foundation precisely when market dynamics demand resilience.
From its roots in a single hub in 2018, Likewise has calibrated its footprint with strategic precision, twelve state‑of‑the‑art distribution and logistics centres now span the UK, from Glasgow to Plymouth. These facilities, coupled with targeted acquisitions like Valley Wholesale Carpets in 2022, have reshaped its operating reach from fragmented to comprehensive. This isn’t growth by chance, but by intention: the new centres in Birmingham, Leeds, Glasgow, Manchester, Newcastle, London, Newbury and Plymouth create a logistics spine that supports scale and future opportunity.
In 2024 the group posted a measured yet meaningful uptick in turnover, 7.4% to £149.8 million, with underlying EBITDA climbing from £7.9 million to £8.8 million. While adjusted pre‑tax profit edged down to £2.0 million due to reinvestment, the margin improvement to 30.7 per cent hints at structural efficiencies taking hold. The real tempo shift, however, emerges in early 2025: monthly revenues are now annualising towards £170 million, with individual months comfortably clearing £13 million–£14 million, effectively unlocking operational gearing and improving returns.
There lies the crux, repeatable progress from strategic capacity investments, creating performance leverage. The group’s disciplined roll‑out has raised a network capable of sustaining growth and delivering margin accretion. Notably, the Glasgow hub has doubled its processing capability, amplifying its role in Scotland and unlocking additional capacity for the rest of the UK.
Beyond logistics, product expansion and brand diversification are reinforcing inbound demand. Likewise Floors, Valley, A&A, Delta, H&V, Lewis Abbott Premium Carpet, along with Likewise Rugs and Matting under the Dura and Dandy brands, push a broad range of flooring product lines across independent retailers and contractors. A stronger in‑market presence is backed by 96 sales executives and collaborative point‑of‑sale display investments, ensuring consistent market visibility.
Financially, the balance sheet remains disciplined. Operating cash flow of £7.2 million in 2024, up from £6.1 million, underwrites both dividends and reinvestment in the business. The group owns freehold land on five sites valued at £23.5 million, and net fixed debt remains modest at approximately £2.3 million. A small-scale share buyback programme alongside a progressive dividend policy signals a board confident in both value and capital allocation.
What stands out is the gradational acceleration, not leaps and bounds. With turnover nearing £150 million and momentum pushing month‑on‑month growth of approximately 10–11 per cent in early 2025, the path towards £200 million is shaped more by structure than by cyclic tailwinds. The board’s intent to reinvest for the next 3–5 years, from infrastructure to fleet, underscores a long‑term view, not a one‑off bounce.
Pivotal to the investor story are the intelligent trade‑offs: early reinvestment weighed on short‑term profit to embed scalable operational leverage; geographic density enhances service and margin potential; and free‑cash deployment reflects deliberate cash‑flow cycling back into capacity and shareholder returns in equal measure.
Likewise is not merely chasing a headline financial target. It is methodically building the scaffolding, a network to deliver, a structure to sustain, a team to execute. That approach may offer investors a quietly compelling case: growth underpinned by operational transformation, margin resilience and strategic discipline.
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.
