Likewise Group sees growth despite challenging conditions

Total sales revenue increased by 17.3 per cent from £56.8 million to £66.6 million, including Likewise-branded sales growth of 23.3 per cent in the six months to June 30, 2023, the company said.

Adjusted underlying profit before tax was £0.7 million, compared to £1.9 million last year, which the company said has principally been affected by the board’s decision to accelerate investment in the business.

Likewise's balance sheet continues to be strong with net assets of £38.9 million including four freehold properties valued at £22.3 million and net debt of £2.1 million.

The board announced the AIM-listed company will pay its maiden interim dividend of 0.1p on November 17.

Tony Brewer, chief executive of Birmingham-based Likewise Group, said: “"We have so many opportunities before us as we continue to enlarge the group’s infrastructure which will create additional sales and increased profitability.

“With the original targets before us, Likewise can now focus on creating a much larger business than previously anticipated."

Mr Brewer said strong increases in group revenue over the past four years demonstrated an exponential gain in market share, and the ongoing continuation of logistics and sales infrastructure will facilitate the further winning of increased market share.

Likewise has now established a sophisticated logistics network from its distribution centres in Glasgow, Newcastle, Leeds, Manchester, Birmingham, Newbury, Sudbury and London.

Likewise has also announced that, following five successful years implementing the financial infrastructure, reporting procedures and supporting the group’s successful listing on AIM, Roy Povey has chosen to step down from his role as Chief Financial Officer for personal reasons.

He will continue to support the business until his proposed exit in spring 2024, and he will be replaced in the immediate term by a combination of internal promotions for Ben Ashforth to Head of Financial Accounting and Reporting with Ian Roberts and David Fullard who will be responsible for the Operational Finance team.

Mr Brewer said: “The board wishes Roy well for his future and thanks him for his significant contribution to the group’s development.

“Undoubtedly the most pleasing aspect is that we have recently been able to make announcements whereby individuals who are ‘learning their trade’ have been promoted into senior and middle management positions across our various activities of logistics, IT, sales and finance.

“As Likewise Group continues to expand, it allows hardworking, diligent people the opportunity to fulfil their career aspirations with the group.

“Likewise continues to make significant progress and it is brilliant to see our people progressing their careers and make an increasingly important contribution to the group’s future.”