Likewise Group Reports Strong FY24 Growth and Accelerates Toward £200m Revenue Target

Likewise Group Hits Its Stride: FY24 Results Show Accelerating Momentum

If you’ve been keeping an eye on UK flooring distributors, Likewise Group’s latest results deserve a standing ovation. The company isn’t just laying carpets – they’re laying the groundwork for serious growth. Let’s unpack what’s driving this momentum.

Financial Fireworks: Steady Growth Meets Operational Leverage

The headline numbers tell a story of disciplined expansion:

• £149.8m revenue (up 7.4% YoY), with Likewise Floors soaring 15.5%
• Gross margin up 40bps to 30.7% – no easy feat in a cost-conscious market
• Operating cash flow of £7.2m (up 18% from 2023)

While adjusted PBT dipped slightly to £2m (from £2.3m), this reflects deliberate investment in H1. The real story? Monthly run rates now annualise to £170m – that’s 13% ahead of FY24’s total. When the gears mesh, this business throws off serious cash.

Operational Muscle: Building a National Powerhouse

Likewise isn’t just growing – they’re engineering scalability:

• 12 distribution hubs now covering the UK (up from 1 in 2018)
• 87 suppliers spanning Europe to Far East – crucial for product diversity
• 96 customer-facing execs embedded in local markets

Geographical Footprint: Chess, Not Checkers

Recent moves reveal a strategic masterclass:

• Plymouth hub acquisition completes national coverage
• Newcastle and Leeds centres dominating northern markets
• Birmingham becoming the “epicentre” of logistics network

This isn’t random expansion – it’s creating an interconnected web that drives efficiency. The 60% planned extension in Newport could be transformative for Welsh and South West penetration.