Flooring distributor continues momentum as half year sales grow

Flooring distributor Likewise Group plc has reported a continuation of positive sales growth despite challenging market conditions.

According to its unaudited interim results for the six months ended 30 June 2023, total sales increased 17.3% from £56.8m to £66.6m, with continued growth in Likewise Branded sales of 23.3%.

Adjusted EBITDA resulted at £3.1m, down from £3.6m against the same period last year, while adjusted profit before tax stood at £0.7m, down from £1.9m and was principally impacted as expected by the accelerated investment in the business.

Tony Brewer, Chief Executive of Likewise Group plc, said: “The Group continues to make significant progress and it is brilliant to see our people being given the opportunity to progress their careers and make an increasingly important contribution to the Group’s future.

“We have so many opportunities before us as we continue to enlarge the Group’s Infrastructure which will create additional Sales and increased Profitability. With the original Targets before us, the Group can now focus on creating a much larger Business than previously anticipated.”

Looking ahead, Likewise added: “The Group is beginning to benefit from operational gearing in H2 this year which will contribute towards continued investment in order to achieve short and medium objectives.

“The significant investments made in the last three years will allow the Group to achieve its short term objectives of Group Revenue in excess of £200 million and with that initial target in sight the Group can now progress to further objectives in Sales with the corresponding Return on Sales and Investment.”

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