Likewise Group’s latest financial results reveal a robust growth trajectory, underscored by strategic infrastructure investments and a dynamic expansion strategy. With turnover reaching £149.8 million in 2024, the company is steadily advancing towards its ambitious £200 million revenue target.
In the fiscal year ending 31 December 2024, Likewise Group reported a 7.4% increase in turnover, climbing from £139.5 million in 2023 to £149.8 million. This growth was driven by a 15.5% surge in sales within the Likewise Floors division. The company’s gross margin improved to 30.7%, up from 30.3% the previous year, and underlying EBITDA rose to £8.8 million from £7.9 million. Although adjusted profit before tax slightly dipped to £2.0 million, this reflects the company’s strategic investments, particularly in the first half of 2024.
The initial months of 2025 have shown promising momentum, with group sales revenue increasing by 10.2% compared to the same period in the previous year. When accounting for one fewer working day, like-for-like growth stands at 11.5%. Monthly revenues are now consistently annualising to £170 million, with individual months exceeding £13 million to £14 million, enhancing operational gearing and profitability.
This performance is underpinned by significant infrastructure investments since 2021, including new distribution hubs in Birmingham, Leeds, and Glasgow, as well as logistics centres in London, Newbury, Manchester, and Newcastle. The acquisition of Valley Wholesale Carpets Limited in January 2022, with distribution centres in London, Derby, and Newport, has further bolstered the group’s operational capabilities. The recent addition of the Plymouth logistics centre in early 2025 completes the group’s UK geographical coverage.
The company’s diversified brand portfolio, including A&A, Delta, H&V, Floors by Lewis Abbott Premium Carpet, and Likewise Rugs and Matting with the Dura and Dandy brands, continues to expand its market presence. Collaborations with leading UK, European, Turkish, and Far East flooring producers ensure a daily offering of the latest flooring products to customers. Investments in point-of-sale displays and a dedicated sales team of 96 executives enhance customer engagement and service.
The group’s financial health remains strong, with positive cash generation from operating activities amounting to £7.2 million in 2024, up from £6.1 million in 2023. The company owns the freehold of five of its twelve operating centres, valued at £23.5 million, with only £2.3 million of fixed debt against one property. A proposed final dividend of 0.25 pence per ordinary share brings the total dividend for 2024 to 0.375 pence, reflecting a 7.1% increase from the previous year.
Looking ahead, the board is confident in achieving current market forecasts for 2025, with sales revenue progressing towards the £200 million mark. The company is considering further investments over the next three to five years to capitalise on extensive market opportunities, supported by internal cash flow and banking facilities. A share buyback programme of up to £250,000 has been launched, demonstrating the board’s commitment to enhancing shareholder value.
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.
