Likewise Group (LIKE) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 7.4% to £150m, with growth accelerating in the final eight months; sales growth continued into 2025.

• Expanded logistics capacity, sales coverage and product ranges support the stated ambition to exceed £200m revenue in future years.

Financial highlights

• FY2024 revenue increased 7.4%; Likewise Floors revenue grew 15.5%.

• Gross margin improved to 30.7%; underlying EBITDA increased to £8.8m, while profit before tax fell slightly amid investment in sales teams.

• Positive cash generation was £7.2m; the proposed final dividend is £0.25, taking the total dividend to £0.375.

• Q4 revenue growth was 10.2%, versus 7.4% for FY2024.

Outlook and guidance

• Revenue grew 10.2% in the first four months of 2025; adjusted for one fewer working day, like-for-like growth was 11.5%, with April up 14.2%.

• Monthly growth accelerated from January through April; May trading was also described as strong.

• Management expects 2025 to mark a step change in performance and believes the £200m revenue target should be reached over the next few years, but said it was early to specify 2026.

• Existing infrastructure is considered capable of supporting revenue above £200m; the board is assessing investment needed to reach £250m and beyond.