Likewise Group plc (LON:LIKE), the fast growing and progressive Flooring Distributor in the UK, has announced its audited Final Results for the year ending 31 December 2025.
Financial Highlights
· Total Group revenue increased 9% to £163.1 million (2024: £149.8 million)
· Further Gross Margin improvement of 0.4% to 31.1% (2024: 30.7%)
· Underlying EBITDA increased to £10.4 million (2024: £8.8 million)
· Underlying Profit Before Tax rose by 56% to £3.1 million (2024: £2.0 million)
· Net cash generated from operating activities increased to £8.8 million (2024: £7.2 million)
· Proposed final dividend increased by 10% to 0.275 pence per Ordinary Share
· Total Dividend increase of 10% to 0.4125 pence per share
· Sales for January to March 2026 increased by 15%, with April maintaining similar momentum
· Strong current balance sheet. £31.6 million in property assets and just £5.1 million of fixed borrowings
Outlook
The Group has made an excellent start to the year with a particularly positive trend in the first four months. Whilst the Global uncertainty make the future months very difficult to predict, with longstanding supplier relationships, experienced supply chain management and a robust Balance Sheet, the Group is in a strong position to continue making significant gains in market share.
The additional Hub in Leeds, combined with the extension in Newport and cutting capacity in Derby provide operational headroom for the Group to achieve its 2026 and 2027 targets.
Therefore in the medium term, the Board is confident in achieving our objectives, which will include further investment to materially increase our operational capabilities combined with strategically enlarging our Sales Teams to take advantage of market opportunities.
Chairman and Chief Executive Statement
Total Group Revenue increased by 9% to £163.1 million (FY24: £149.8 million). Underlying Profit Before Tax increased 56% to £3.1 million (FY24: £2.0 million).
Further significant progress has been made in the first four months of 2026 with Total Group Revenue increasing by 15% as the Group rapidly approaches its original target of £200 million Sales. There are many opportunities in the UK flooring market to now meaningfully exceed this figure and the Board has authorised additional investment in the infrastructure and continues to evaluate other projects.
Key to the Groups development and success is the excellent Management Teams that have been established across the UK in the last six years and all of our staff who contribute to the ongoing development of the Group.
Every Commercial and Sales Manager has served their apprenticeship, learning all aspects of the business including IT, Logistics, Product, Finance and have longstanding Customer and Supplier relationships, which provides a tremendous foundation to continue the growth of the Group.
Operations and Investment Highlights
The Group now has 13 operating locations and with 77 new and replacement trucks being purchased since January ’25 to the end of ’26, the delivery fleet will total over 160 during this Autumn.
The Distribution Hub in Glasgow continues to improve productivity of Cut Lengths of Carpet and Residential Vinyl. Furthermore, we are now increasing the Pallet capacity with additional Racking and the investment of a VNA Order Picker will also enhance the unit picking process. The business in Scotland had a particularly strong Q4 2025 and this has continued into 2026.
Likewise North East based in Newcastle continues to maximise in both the Residential and Commercial segments.
In Leeds, Likewise North is very much established as the leading distributor of all flooring categories with particular strength throughout the M62 corridor. The new 5 metre wide Cutting Table installed in Leeds during January 2026 underpins an important contribution to the overall cutting capacity of Likewise Floors. To compliment this, A&A in Manchester is now gaining traction and with a settled Sales Team we are optimistic for the year ahead.
The Group has acquired the freehold of a 2nd Distribution Hub in Leeds which will streamline our supply chain management of Palletised goods from the Far East and Europe. This will allow the planning of incoming containers to be far more efficient and also release capacity at our other Centres.
Likewise Midlands in Birmingham continues to expand with a very experienced Sales Team and also providing a vital logistics link as the centre of the Likewise Floors Network. Creating more capacity across the Group will allow Midlands additional opportunities to further expand their market presence.
The extension in Newport is on schedule to be operational as planned in July 2026. This really transforms the operations and opportunity for Likewise Wales, also creating the 4th Distribution Hub for Likewise Floors. The additional cutting will provide Likewise Floors with 30% more capacity and will allow the Group to push towards £250 million Sales Revenue.
Likewise South West is now becoming established from its Plymouth Logistics Centre. With further investment planned, this will allow this business to be a prominent player in Devon and Cornwall.
Likewise South in Newbury has made excellent progress and the benefits created by the Newport investment will also enable further growth for South.
In London and the South East both businesses based in Sidcup and Sudbury are continuing to take market share. With ongoing investment in their Sales Teams we would expect to be the leading distributor in this important geographical area.
The outlook for Likewise Matting & Rugs continues to improve with key customers in DIY, Garden Centres, Hardware Stores and Independent Retailers. The realigned Sales Team from the beginning of 2026 is performing well, providing the business with an enhanced performance.
Valley Wholesale Carpets (“Valley”) based in Erith, Derby, Newport and Plymouth has a great opportunity to expand its market position in Carpet, Residential Vinyl, Underlay, Laminate, Artificial Grass and Luxury Vinyl Tile to its extensive retail customer base. With increased cutting capacity now established in Derby, plus the extension in Newport, Valley is also expanding its Point of Sale options to increase market presence. Valley has over 30% additional operational capacity to significantly enlarge its business.
Delta Carpets and H&V Carpets continue to make positive progress with foundations created in 2025 to push the businesses forward in 2026. Our Premium Carpet Brand, Floors by Lewis Abbott has recently launched six new products to enlarge the Collection to fourteen. With the dedicated Sales Team we believe Floors by Lewis Abbott can become a significant player in the UK premium carpet sector.
Through the 108 Sales Executives, the Group continues to increase market presence in Flooring Retailers and Contractors. This is achieved by a constant flow of new products featuring the latest colour and texture trends as the UK flooring market continues to evolve. The activity placing a comprehensive collection of attractive Point of Sale ensures our customers are at the forefront of product innovation.
Due to the current global uncertainties there is inevitably pricing pressure on various raw materials and finished products. We are in discussions with our suppliers and will implement price increases from 1st May. With our longstanding supplier relationships and experience in supply chain management, we are confident of navigating the coming months.
The Likewise Floors Business to Business Website continues to absorb an increasing proportion of our daily Orders. Trade Customers can check stock and place orders at anytime 24 / 7 with the orders going immediately into our Picking and Cutting Queues. Furthermore, this increases the efficiency of our customers as they have complete transparency of our stock as they arrange installation with the ultimate end user.
Likewise Floors has recently launched a Product Information Website which allows people interested in Product through seeing PLC , PR, Social Media, Delivery Trucks to be guided to their local Retailer who has Displays of the particular Product they are interested in.
Notwithstanding the overall uncertainty, the Group has made a particularly strong start to 2026 and is optimistic regarding the medium-term outlook.
The Board is considering a number of Freehold investments to materially enlarge the Group’s operational capability which would provide the capacity to create a significantly larger business than we have today.
The additional Pallet Distribution Hub in Leeds is operational. The Group has agreed non-binding Heads of Terms to purchase the Freehold of a new 60,000 square feet High Bay Distribution Hub in the East Midlands. Intended to be operational in six months, this location is ideally positioned between Leeds, Birmingham and Sudbury to maximise our delivery capability.
The Group has support from our principal bankers to make these Freehold investments, further demonstrating the confidence the Board and all stakeholders have in the significant growth potential in Sales and subsequent Profitability.
Dividend
The Directors recommend a final dividend increase of 10% to 0.275 pence per ordinary share be paid. The final dividend will be paid, subject to shareholders’ approval at the Annual General Meeting on 17th June 2026. The total dividend will increase 10% to 0.4125 pence per ordinary share. This dividend has not been included as a liability in these financial statements.
The final dividend will be paid on Friday, 10th July 2026 to shareholders on the register at the close of business on Friday, 29th May 2026, the ex-dividend date being Thursday, 28th May 2026.
The last day for investors to elect for the Dividend Re-Investment Plan (DRIP) will be 19th June 2026.
Outlook
The Group has made an excellent start to the year with a particularly positive trend in the first four months. Whilst the Global uncertainty make the future months very difficult to predict, with longstanding supplier relationships, experienced supply chain management and a robust Balance Sheet, the Group is in a strong position to continue making significant gains in market share.
The additional Hub in Leeds, combined with the extension in Newport and cutting capacity in Derby provide operational headroom for the Group to achieve it’s 2026 and 2027 targets.
Therefore in the medium term, the Board is confident in achieving our objectives, which will include further investment to materially increase our operational capabilities combined with strategically enlarging our Sales Teams to take advantage of market opportunities.
Tony Brewer, Chief Executive of Likewise, said:
“We have really impressive Management and Teams of people in our Operating Centres across the UK. We are confident in continuing to outperform the market and improve our operating margins as the Group benefits from greater scale.
We very much appreciate the contribution from all of our staff and thank them along with our suppliers, customers, shareholders and all stakeholders for their continued support as we accelerate our pace along this exciting journey.”
Details and Videos of Glasgow, Leeds and Newport developments are on our website www.likewiseplc.com plus the Product Information Website www.likewisefloors.com
