UK flooring distributor Likewise Group plc has reported a growth in sales as it remains on track to reach £200m turnover over next year.
According to its Audited Final Results for the year ended 31 December 2024, total sales rose 7.4% to £149.8m from £139.5m in 2023.
Gross margin increased 0.4% to 30.7%, while underlying EBITDA resulted at £8.8m, rising from £7.9m the previous year. Adjusted pre-tax profit stood at £2m, slightly down from £2.3m.
Sales in Likewise Floors increased by 15.5%, while its Valley division – acquired back in 2022 – has been significantly increasing market presence in retailers through numerous Display Stand initiatives and has “exciting plans” for innovative new products in H2 2025.
The group has also continued to invest within its infrastructure, and expects to surpass the £200m turnover milestone over the next 12 months following further “operational gearing”. “The Board is considering the next 3 to 5 year investments to provide the capacity to take advantage of the extensive opportunities before us.
“As previously stated, the capital projects during 2025 in Plymouth and Newport will be funded from internal cash flow. The Group has support from its principal bankers and continues to operate well within the facilities provided. The confidence is reflected in the Board’s commitment to purchase capital equipment and trucks whenever possible which is more cost effective and continues to strengthen the Group Balance Sheet.”
As for current performance, group sales in the first four months of FY25 has progressively increased each month from January to April by 10.2% against the corresponding period last year and by 11.5% on a like for like basis.
“The Group has made a strong start to 2025,” Likewise said. “The trajectory gives the Board confidence in achieving the objectives before us, including the current market forecasts. There are many opportunities to continue to gain market share and it is very encouraging that increased profitability and subsequent improved return on investment is beginning to be achieved.”
Tony Brewer, Chief Executive of Likewise Group plc, commented: “The Group really has made significant progress over the last four years. The logistics infrastructure has been transformed from that which originally initiated the business in 2020.
“The quality of the Management, Sales Teams and Staff throughout the business is extremely important to the future aspirations of the Group.
“We have a clear focus on creating the best flooring distribution business and whilst only part way along that journey we have certainly created the structure to achieve our current goals.
“The next one, three, five years are really exciting as we are absolutely committed to investing in our people, infrastructure and market presence to deliver that ambition.
“On behalf of the Board I extend our thanks to all employees for their contributions in addition to the support from suppliers, customers and shareholders. We appreciate the contribution from all stakeholders to the ongoing development of the Group.”
