Likewise Group (LIKE) Investor update summary

Fundraise and growth plan

• Raise expanded from an initial £20m to ~£30m on market appetite, with NatWest support, to fund expansion and strengthen financial flexibility.

• Corby freehold hub: £9m consideration plus £440,000 stamp duty, with £2m planned fit-out capex.

• Annualized turnover is near £200m, with a target of £300m over the coming years and scope to grow further while maintaining suitable PBT returns.

Distribution network and capacity

• Network comprises 13 sites, soon to be 14; six are freehold. Property portfolio valued at £33m with £5m fixed debt.

• Newport extension was due to become fully operational by mid-August as the fourth Likewise Floors hub; Corby is expected to be operational early next year.

• Corby will divert Leeds-to-Sudbury and Leeds-to-Sidcup trunk routes from Birmingham, releasing capacity at the central hub.

• £12.5m invested in infrastructure over five years, funded roughly two-thirds through free cash flow and one-third through asset finance.

• Newport, Corby and Derby are expected to lift cutting capacity by more than 50% versus current levels, supporting the £300m sales ambition.

Trading and financial position

• Sales performed positively through spring and summer, with strong June and July performance despite hot-weather headwinds for flooring demand.

• Sales revenue was well up and gross margin improved slightly; delivery-truck costs were at least £0.5m higher during the year following the Iran war.

• Management remained confident of achieving the original £4m PBT target despite higher delivery costs.