Most people have never heard of Likewise Group. It distributes floor coverings across the UK, which is hardly the kind of business that gets people excited at a dinner party. But the numbers tell a different story. The Likewise Group share price has been quietly building momentum while the company grew total revenue to £149.8 million in 2024, up 7.4% on the previous year according to the company’s own audited results. In a tough market for retail and construction, that is not nothing.
I find businesses like this interesting precisely because nobody is talking about them. Here is what I actually think about Likewise Group as a potential investment.
What Does Likewise Group Actually Do?
Likewise Group trades on the London Stock Exchange under the ticker LIKE. It distributes floor coverings to trade customers across the UK, think carpet fitters, flooring contractors and commercial installers rather than consumers walking into a showroom. The company operates through its Likewise Floors division alongside a number of acquired businesses that have expanded its reach across the country.
The business is not trying to be exciting. It is trying to be the most reliable and cost effective way for flooring professionals to get product. That is a sensible position in a market that is never going away. People will always need floors.
Likewise Group Share Price and Financial Performance
The full year 2024 audited results published in May 2025 showed total revenue of £149.8 million, up from £139.5 million the year before according to the company’s results announcement. Sales within the Likewise Floors division specifically grew by 15.5%, which is the core branded business and the part management is most focused on scaling.
Underlying EBITDA came in at £8.8 million, up from £7.9 million in 2023. Adjusted profit before tax was £2 million, slightly below the £2.3 million reported the previous year, reflecting deliberate investment in the first half of 2024 according to the company’s results. The gross margin improved slightly to 30.7% from 30.3%.
Into 2025 the momentum has continued. According to the company’s own trading updates, group sales revenue in the first four months of 2025 grew by 10.2% against the same period in 2024, or 11.5% on a like for like basis once you account for one fewer working day. Q1 2025 specifically saw a 10.7% increase in total gross sales revenue according to the company’s results announcement.
The £200 Million Target
Chief executive Tony Brewer has indicated that monthly revenues now consistently annualise to around £170 million, with the business progressing towards a £200 million revenue target over the next few years according to the Express and Star. That is a meaningful step up from where the business is today and would represent significant further growth if achieved.
A Real World Example of What Growth Like This Means for Investors
Say you had bought £2,000 worth of Likewise Group shares when the business was smaller and revenue was around £100 million. If the company hits £200 million in revenue and the market re-rates the stock accordingly, even a modest improvement in the price to earnings multiple could mean your £2,000 doubles or more. That is not a guarantee, it is an illustration of why revenue growth in a capital light distribution business can translate into meaningful shareholder returns over time.
The risk on the other side is that the housing market stays suppressed, margins get squeezed or the acquisitions do not integrate as well as planned. These are real risks worth understanding before putting any money in.
What Makes Likewise Group an Interesting Business
A few things stand out when you look at this company properly.
It Is Taking Market Share in a Difficult Market
Zeus Capital analyst Andy Hanson noted in May 2025 that the results reflect continuing market share gains against a challenging market. Growing revenue by 7.4% while the wider housing and construction market faces headwinds from higher interest rates and reduced transaction volumes is a meaningful achievement. It suggests the business model is working rather than just riding a rising tide.
The Logistics Investment Is Building a Moat
Likewise has been investing in logistics capacity, including a £1.2 million hub purchase in Plymouth, to improve coverage and delivery speed across the UK according to company announcements. In distribution, reliability and speed of delivery are often what wins and retains customers. This kind of infrastructure investment takes time to show up in the numbers but it builds a competitive advantage that is hard for smaller rivals to replicate.
The Acquisition Strategy Is Expanding the Network
Acquisitions of businesses like Valley Wholesale Carpets and A&A Carpets have brought new customers, new geographies and new relationships into the group. Done well, bolt on acquisitions in distribution businesses are one of the most reliable ways to compound growth without overpaying for it.
Likewise Group: Questions Worth Answering
Is Likewise Group Profitable?
Yes, though the profit margins are slim as you would expect in a distribution business. Adjusted profit before tax for 2024 was £2 million on revenue of £149.8 million according to the company’s audited results. The business is profitable and growing, with EBITDA improving year on year. The focus right now is on revenue growth and infrastructure investment rather than maximising short term profit.
How Do I Buy Likewise Group Shares?
Likewise Group trades on the London Stock Exchange under the ticker LIKE and can be bought through any standard UK stockbroker or investment platform. You can hold the shares inside a Stocks and Shares ISA to shelter any gains from capital gains tax.
What Are the Main Risks With Likewise Group as an Investment?
The main risks are a prolonged downturn in the housing market reducing demand for flooring, margin pressure from competition, and the execution risk that comes with any acquisition heavy growth strategy. The business also carries debt from its expansion activity which is worth factoring into any analysis. None of these are deal breakers but they are worth understanding before committing capital.
My Honest Take on Likewise Group
This is the kind of business I find genuinely interesting as a long term hold rather than a trade. It is unglamorous, it is under the radar and it is growing market share in an essential industry. The path to £200 million in revenue is credible based on the trend and the management team seems to be executing sensibly rather than just making promises.
It is not a get rich quick story. It is a steady compounder in a boring industry, which in my experience is often exactly where the best returns come from over time.
Iceburg Wealth does not provide regulated financial advice. Everything here is based on personal experience and research. Always do your own due diligence before making any financial decisions.