Likewise lifts full-year expectations after strong flooring sales growth

Likewise ($LIKE) now expects full-year results to be materially ahead of market expectations following stronger trading into the second half. First-half revenue rose 15.4% to £89.9 million, while gross margin improved by 0.8 percentage points to 32.1%. Underlying pretax profit increased 79.5% to £1.32 million and underlying EBITDA grew 15.9% to £5.1 million.

The flooring distributor reported third-quarter sales growth of 29.1%, bringing the year-to-date increase to 20.7%. Operating activities generated £4.11 million of cash in the first half. Capacity additions and improved purchasing, pricing and product mix are supporting operating leverage, although raw-material and logistics pressures remain. The upgraded outlook was qualitative: the announcement did not specify a revised full-year profit number. Its £300 million sales ambition is a capacity-supported target, not current achieved revenue.

Sources:

• Likewise RNS, via London South East