Likewise final dividend up 25% following double-digit revenue growth

(Alliance News) - Likewise Group PLC on Monday said the extent of profitability was held back by ...

Alliance News 20 May, 2024 | 9:43AM
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(Alliance News) - Likewise Group PLC on Monday said the extent of profitability was held back by investing activity.

The Solihull, England-based floor coverings distributor swung to a pretax profit of GBP188,431 in 2023 from a restated GBP1.4 million loss the year prior.

Revenue rose 13% to GBP139.5 million from GBP123.6 million.

Likewise declared a final dividend of 0.25 pence per share, up 25% from 0.20p.

The total dividend for the year increased 75% to 0.35p from 0.20p.

"The group has continued to invest during 2023 and also into 2024 to further strengthen the Sales Resource and Logistics Infrastructure. Establishing this overall structure to enable the group to achieve its medium term objectives inevitably impacts on short term profitability...the significant infrastructure costs are largely complete in this phase of our development," Likewise said.

During the year the company developed 11 distribution and logistics centres with a total capacity of 15 million cubic feet.

In the first four months of the current year sales revenue was up 8.7% year-on-year and Likewise expects to see continued momentum throughout 2025.

Although, the company added that cost inflation will result in operational gearing.

Looking ahead, management said they are focused on developing market presence and will continue to invest and improve the firms Sales Resource and Point of Sale capabilities.

Likewise shares were up 5.6% to 16.90 pence each in London on Monday morning.

By Elijah Dale, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Likewise Group PLC 15.00 GBX 0.00 -

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