Likewise Group Plc (LON:LIKE), the fast growing UK Flooring Distributor, has announced its unaudited interim results for the six months ended 30 June 2025.
Summary highlights
· Total Sales revenue increased by 10.2% to £77.9 million
· Continued growth in Likewise Branded sales of 14.1%
· Gross margin improvement of 0.2% to 31.3% in H1 2025
· Underlying EBITDA1 increased by 21.0% to £4.4 million
· Underlying profit from operations increased by 38.4% to £1.67 million
· Underlying profit before tax2 increased by 120% to £0.74 million
· Positive cash generation from Operating Activities of £5.2 million
· Interim Dividend of 0.1375 pence per share to be paid on 14 November 2025 – a 10% increase on H1 2024
1 Underlying EBITDA is defined as profit before finance costs, tax, depreciation, amortisation, separately disclosed items and share based payments.
2 Underlying profit before tax is defined as profit before amortisation, separately disclosed items and share based payments.
H1 2025 highlights
Likewise, the fast growing UK Flooring Distributor is very pleased to announce continued growth during the first six months of 2025.
Despite challenging market conditions, compounded by a particularly hot late Spring and Summer, Group Sales Revenue increased by 10.2% to £77.9 million. Sales in Likewise Branded grew by 14.1% in the six months to 30 June 2025.
Underlying Profit Before Tax increased by 120% to £0.74 million due to the higher sales revenue through the established infrastructure creating operational gearing as previously stated. This indicates that the Group is well on course to achieve current market forecasts, including absorbing the increased National Insurance Contribution cost following the Autumn 2024 budget.
Operations
This strong performance is a result of the extensive Sales and Marketing initiatives including the appointment of 21 new Sales Executives in the last 18 months supported by the established Logistics Network in both Likewise Floors and Valley Wholesale Carpets.
Likewise and Valley have many opportunities ahead and undoubtedly has the trajectory to continue to take exponential gains in market share.
The Group invested in a new Freehold Logistics Centre in Plymouth completed in February this year whilst also creating additional cutting and processing capacity in both its Glasgow and Derby sites.
Importantly Planning Permission has now been granted to extend the Newport facility into a Distribution Hub. This will be operational in Q2 2026 and allows the Group to deliver its growth objectives for next year.
These investments can ultimately increase Cutting capacity by over 40% which will allow the Group to process and deliver Sales Revenue well in excess of £200 million.
The Board is now considering additional investment to capitalise on market opportunities to take Sales Revenue over £250 million. This includes developing a clearly defined 5 year plan of investment in organic growth whilst maintaining the flexibility to take advantage of opportunities that may arise.
As Likewise has become more established the Group have attracted additional strategic supplier partners and this has been particularly evident from Q4 2024 and made a really meaningful contribution to 2025.
Cash Flow and Banking Facilities
The Group generated positive cash from operations of £5.2 million in the period (H1 2024: £2.88 million), reflecting continued improvement in underlying performance and disciplined working capital management. Furthermore, the Group continues to operate well within its banking facilities, with further availability to draw upon to support ongoing and future growth initiatives.
Dividend
The Board is pleased to increase the Interim Dividend by 10% to 0.1375 pence which indicates a total Dividend of c.0.4 pence for 2025. This cumulative effect means that the Dividend has doubled in the last 3 years. Consistent with previous Statements that the Board will maintain a progressive Dividend policy broadly in line with Earnings.
The Interim Dividend of 0.1375 pence per Ordinary Share will be paid on 14 November 2025 to shareholders on the register at the close of business on 10 October 2025, the ex-dividend date being 9 October 2025.
Shareholders can also take advantage of the Dividend Reinvestment Plan (“DRIP”) by registering their intentions with the Company’s registrar by 24 October 2025.
Outlook
The extensive Sales and Marketing initiatives continue to significantly increase the Group’s presence in Independent Retailers and Flooring Contractors. This is supported by our enlarged Logistics Network.
With like for like sales maintained at a 10.2% increase to the end of August, the consistent trajectory provides the Group with confidence to achieve our objectives during the traditionally busy Autumn selling period and remain on track to meet market expectations for the financial year ending 31 December 2025.
Tony Brewer, Chief Executive of Likewise Group plc, said:
“Notwithstanding the particularly hot weather taking the edge off our sales growth, the Group has achieved a very strong performance in the first eight months, including July and August, with like for like Sales improving by 10.2%.
We have created the foundations to benefit from the typically busier Autumn period. The Management and Sales Teams are poised to take advantage of these extensive opportunities supported by Staff throughout our Businesses. We thank everyone for their hard work and contribution to the Group.
We very much appreciate and thank our suppliers, customers, shareholders and all stakeholders for their continued support.
The Group is in a particularly strong position to capitalise on the many opportunities, which provide a very exciting future for all involved.”
