Likewise Group (LIKE) Trading update summary

FY24 trading performance

• FY24 revenue reached £150.8m, up 7.5%; Likewise Floors sales increased 15.5%.

• Q4 sales rose 10.2%; extrapolated, this would indicate annualised sales approaching £175m.

• On track to meet current market expectations for FY24 profit after tax; H2 showed progressive operational gearing and improving profitability.

• Valley sales were down 3% YoY amid challenging market conditions; four changes to its 11-person sales team, more display stands and an expanded 2025 range support confidence.

Sales and logistics capacity

• Sales team totalled 94 executives, including 14 recruited in the last 12 months; a 2025 priority is for as many as possible to reach the minimum sales benchmark.

• Q4 product launches and point-of-sale additions had limited impact to date; further activity is planned for H1 2025.

• Planned capacity increases in Glasgow, Derby and Newport during 2025 are expected to add ~35% processing capability.

Strategic developments

• Heads of Terms agreed to acquire a freehold logistics centre near Plymouth using existing cash resources, extending service coverage across the South West.

• Planning permission is being sought to extend the Newport distribution centre; construction is expected to finish in 2025.

• The 2025 budget envisages funding the Plymouth and Newport developments from operational cash flow.