Business
Interim results for the six months to 30 June 2024
Interim results for the six months to 30 June 2024.
About this update from Likewise Group Plc
[{"type":"text","content":"\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR. WITH THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE (\"RIS\"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n\n30 September 2024\n \nLikewise Group plc\n(\"Likewise\", the \"Company\" or the \"Group\")\nInterim results for the six months ended 30 June 2024\n \nContinued growth towards medium term objectives\n \nLikewise Group plc (AIM:LIKE), the fast growing UK floor coverings distributor, is pleased to announce its unaudited interim results for the six months ended 30 June 2024 (the \"Period\" or \"H1 2024\") and a continued increase in sales, notwithstanding a prolonged period of challenging market conditions. \n \nSummary highlights\n· Total Sales revenue increased by 6.2% to £70.7m (H1 2023: £66.6m)\n \n· Continued growth in Likewise Floors sales of 16.8%\n \n· Gross margin increase of 1.1% to 31.1% in H1 2024 (H1 2023: 30.0%)\n \n· Underlying EBITDA1 of £3.63m (H1 2023: £3.11m)\n \n· Underlying profit from operations of £1.21m (H1 2023: £1.19m)\n \n· Underlying profit before tax2 of £0.34m (H1 2023: £0.71m) reflecting the rising cost of interest\n \n· Positive cash generation from Operating Activities of £2.88m (H1 2023: £1.68m)\n\n· Deferred consideration of £4.27m paid in settlement of all outstanding acquisition obligations\n\n· Interim Dividend of 0.125 pence per share to be paid on 15 November 2024 - a 25% increase on H1 2023 (0.1p per share)\n1 Underlying EBITDA is defined as profit before finance costs, tax, depreciation, amortisation, separately disclosed items and share based payments.\n2 Underlying profit before tax is defined as profit before amortisation, separately disclosed items and share based payments.\n \nH1 2024 hig...