# Likewise AGM Statement Shows Revenue Momentum Continuing Into H2, says Zeus

- Link: https://www.directorstalkinterviews.com/likewise-agm-statement-shows-revenue-momentum-continuing-into-h2-says-zeus/4121254837
- Published: 2026-06-26T12:29:37+01:00
- Author: Anthony Fox

**[Likewise Group](https://www.directorstalkinterviews.com/company/likewise-group-plc/like.l)**(
LON:LIKE) has delivered a strong AGM statement, with the latest research note from
Zeus highlighting continued revenue momentum as the flooring distributor moves towards
the second half of 2026.

According to Zeus, like-for-like revenue in the year to date to 16 June 2026 was
up 17.0% year-on-year. Trading in June was even stronger, with month-to-date like-
for-like revenue up 20.8% year-on-year. That marks an acceleration from 19.1% growth
in May and 16.5% year-to-date growth at the end of that month.

The performance stands out because Zeus notes that the UK consumer backdrop remains
weak and macro uncertainty is still affecting the wider market. Even so, the board
remains confident of achieving market expectations for FY26. Zeus has left its forecasts
unchanged, with FY26 revenue estimated at £174.1m and adjusted profit before tax
expected to reach £4.0m.

Research Analysts Andy Hanson and Charlie Cullen wrote: “With peers continuing to
report weak demand, Likewise’s ability to sustain and indeed accelerate its growth
trajectory cements its position, in our view, as the flooring sector’s emerging 
winner.”

## Highlights from the latest Zeus research note

 * Like-for-like revenue was up 17.0% year-on-year in the year to date to 16 June
   2026.
 * June month-to-date like-for-like revenue was up 20.8% year-on-year.
 * June trading showed an acceleration from 19.1% growth in May.
 * Zeus’ FY26 revenue forecast remains unchanged at £174.1m.
 * Zeus’ FY26 adjusted profit before tax forecast remains unchanged at £4.0m.
 * FY26 adjusted EBITDA is forecast at £11.6m.
 * FY26 adjusted EBIT is forecast at £5.5m.
 * FY26 adjusted EPS is forecast at 1.2p.
 * FY26 dividend is forecast at 0.4p per share.
 * Net debt, excluding leases, is forecast at £10.7m for FY26.
 * Operational projects in Glasgow, Leeds, Derby, Newport and the East Midlands 
   are on schedule.
 * Capacity investment is expected to support revenues in excess of Likewise’s £
   250m target.
 * The board is developing a five-year strategy focused on continued expansion and
   improved operating margins.

## Operational expansion remains on track

A key part of the update is Likewise’s investment in operational capacity. Zeus 
says all five expansion projects, in Glasgow, Leeds, Derby, Newport and the East
Midlands, are on schedule. These projects are expected to provide significantly 
more capacity in the second half of 2026 and into FY27.

This matters because Likewise is working towards a revenue target of more than £
250m. Zeus states that the current investment programme should provide capacity 
in excess of that target, underlining management’s confidence in the company’s ability
to continue pursuing opportunities across the UK flooring distribution market.

The board is also discussing further investment to capitalise on the group’s growth
opportunities. At the same time, its developing five-year strategy places emphasis
on improved operating margins as well as continued expansion.

## Forecasts remain unchanged, despite stronger trading

Zeus highlights that current revenue performance is running well ahead of its FY26
revenue growth forecast of 6.7%. However, the broker has taken a cautious approach
by leaving its estimates unchanged. The reason is continued uncertainty around consumer
confidence, end demand, input costs and fuel costs.

This balanced stance is important. Zeus is not assuming that recent growth automatically
removes the risks in the wider market. Instead, the note recognises that the first
five and a half months of the year have been strong, while also acknowledging that
the second half of the year remains harder to predict.

## Valuation context

Zeus says Likewise is trading on 0.6x forward sales, which it describes as cheap
for the level of growth and the market share the group is capturing. The broker 
also notes that operating margins are currently being held back by rapid investment
in the platform, sales and marketing. However, Zeus expects margins to improve as
the business matures.

For general readers, the main point is that Likewise is growing strongly while also
investing in the infrastructure needed to support a larger business. The company’s
expansion projects are designed to create additional capacity, while the five-year
strategy is expected to focus on growth and margin improvement.

## Final Thoughts

The latest research note from Zeus presents Likewise as a business continuing to
gain momentum in a difficult market. Strong like-for-like revenue growth, expansion
projects that remain on schedule and confidence in FY26 market expectations all 
support a positive reading of the AGM statement. While Zeus is keeping its forecasts
unchanged for now, the note makes clear that Likewise’s revenue momentum is continuing
into the second half of 2026.

Share on: