Floor coverings distributor Likewise has reported a growth in half year sales as it commits to ongoing investments.
According to its unaudited interim results for the six months ended 30 June 2024, total sales rose 6.2% to £70.7m from £66.6m in 2023.
Gross margin increased to 31.1% from 30%, while underlying EBITDA resulted at £3.63m, growing from £3.11m. Pre-tax profit stood at £0.34m, down from £0.71m, reflecting rising cost of interest.
The Group continues to invest in the logistics infrastructure plus extensive sales and marketing initiatives including the recruitment of 14 additional Sales Executives in the last 12 months taking the total number to 94.
Within its group, Likewise said that Likewise Rugs and Matting continues to develop its business in DIY, Garden Centres, Hardware Stores and General Independent Retailers.
The businesses of Likewise South, Likewise London and Likewise South East are all making ‘good progress’ in the South of England but still have ‘huge untapped potential in this very important geographical area’.
Tony Brewer, Chief Executive of Likewise Group plc, said: “The Group remains committed in its ongoing investment to ultimately maximise future opportunities, however the immediate return is diluted by difficult market conditions. Therefore, whilst the short term profit aspirations remain challenging, the Board is absolutely confident that the foundations are being prepared for a much larger business to achieve the medium term objectives.
“With the longstanding relationship with flooring manufacturers and customers, combined with the flooring product knowledge of the people throughout our business and the Logistics Infrastructure established over the last three years, the Group is in an unrivalled position to take huge advantage of the opportunities before us. Notwithstanding the further progression as consumer demand and markets return to more normal levels.”
