Interim Results for the six months to 30 June 2026

Likewise Group PLC

28 September 2026

 

28 September 2026

This 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.

Likewise Group plc

("Likewise", the "Company" or the "Group")

Interim Results for the six months to 30 June 2026

Strong performance with FY26 now expected to be materially ahead of market expectations

Likewise Group plc (AIM:LIKE), the fast growing and most progressive floor coverings distributor in the UK, is pleased to announce its unaudited interim results for the six months ended 30 June 2026 (the “Period” or “H1 2026”) demonstrating strong revenue growth, continued strategic progress and improvement in margins notwithstanding cost pressures as a result of the war in the Middle East. Following continued strong trading into the second half, the Board now expects results for the year ending 31 December 2026 to be materially ahead of current market expectations.

Summary highlights

• Total Group revenue increased by 15.4% to £89.9 million (H1 2025: £77.9 million)
   
• Gross margin improvement of 0.8 percentage points to 32.1% in H1 2026
   
• Underlying EBITDA1 increased by 15.9% to £5.1 million
   
• Underlying profit from operations increased by 34.4% to £2.25 million
   
• Underlying profit before tax2 increased by 79.5% to £1.32 million
   
• Positive cash generation from Operating Activities of £4.11 million
   
• Interim Dividend of 0.165 pence per share to be paid on 13 November 2026 – a 20% increase on H1 2025
   
• Sales increased in Q3 by 29.1% with YTD sales up 20.7%
   
• Upscaling capacity to realise enhanced revenue sales target of £300 million
   

1 Underlying EBITDA is defined as profit before finance costs, tax, depreciation, amortisation, separately disclosed items and share-based payments.

2 Underlying profit before tax is defined as profit before amortisation, separately disclosed items and share based payments.

H1 2026 highlights

Likewise, the fast growing UK Flooring Distributor is very pleased to announce continued growth during the first six months of 2026. 

Against a backdrop of continuing global and UK economic uncertainty, pricing pressure across a number of raw materials, compounded by a record hot late Spring and Summer, Total Group Revenue increased by 15.4% to £89.9 million.

Gross margin improved by 0.8 percentage points to 32.1%, reflecting the Group's continued focus on pricing, purchasing and product mix. The Board is particularly encouraged by the combination of strong revenue growth and improving margins, demonstrating the benefits of the significant infrastructure investment made over recent years and the resulting operational gearing, which has contributed to a 79.5% increase in Underlying Profit Before Tax to £1.32 million during H1 2026.

The investment in the additional Distribution Hub specifically for palletised goods in Leeds in the Spring, allowed the Group to improve supply chain management and stock levels of key products, particularly for goods sourced from the Far East, to enhance the service offering for customers, whilst negating the impacts of any longer transit times due to the wider Middle East shipping disruption.

Operations

The Group is particularly focused on product development with our manufacturing partners, combined with extensive sales and marketing activities through our 109 sales executives. Providing our customers, principally independent flooring retailers and contractors with a comprehensive range of Point of Sale Displays.

Significant progress has been made in expanding the Group's logistics infrastructure. As well as the new Leeds Distribution Hub, the extension to the Newport facility has also progressed as planned, providing additional distribution and cutting capacity for both the Likewise Wales and Valley operations with cutting operations having commenced in July.

Further cutting capacity has been developed at Derby, with a second cutting shift being recruited for the Autumn. Whilst Likewise Floors continues to benefit from the increased cutting capability and pallet capacity at Glasgow and the installation of the new five-metre cutting table at Leeds at the start of the year. 

The Board remained focused on ensuring that the Group has the capacity and infrastructure required to support the continued sales growth, particularly given the momentum observed over the Period.

In August 2026, the Group completed the freehold acquisition of a new 60,000 sq. ft. High Bay Distribution Hub in Corby for a total consideration of £9.57 million.

The Corby facility represents a significant further investment in the Group's logistics infrastructure and, once operational in January 2027, will materially increase storage, cutting and trunking capacity for the Likewise Floors Logistics Network.

In addition, the Board has recently agreed Heads of Terms for a freehold 47,000 sq. ft. High Bay Distribution Hub in Manchester. The new facility will enable the growth of the A&A business, whilst further increasing the cutting and distribution capacity in the North West for Likewise Floors.

Together with the Leeds investment, the Newport extension and increased cutting capacity at other locations, the Corby and Manchester facilities provide substantial additional headroom for the Group's continued expansion as it heads towards its renewed £300 million target.

Dividend

The Board is pleased to increase the Interim Dividend by 20% to 0.165 pence which indicates a total Dividend of 0.495 pence for 2026. Consistent with previous statements the Board will maintain a progressive dividend policy broadly in line with earnings.

The interim dividend of 0.165 pence per ordinary share will be paid on 13 November 2026 to shareholders on the register at the close of business on 9 October 2026, the ex-dividend date being 8 October 2026.

Shareholders can also take advantage of the Dividend Reinvestment Plan by registering their intentions with the Company's registrar by 23 October 2026.

Fundraise

In July and August 2026, the Group successfully completed a fundraising comprising a Placing, Subscription and Retail Offer, raising £32.5 million in total.

The Placing and Retail Offer were significantly oversubscribed, demonstrating strong support from both new and existing shareholders. The fundraising also saw continued participation from the Board and wider executive team, underlining their confidence in the Group’s strategy and long-term growth prospects, while demonstrating strong alignment with shareholders as the business enters its next phase of development.

The additional capital, together with the Group's banking facilities and strong asset base, provides significant financial flexibility to accelerate investment in the business and capitalise on market opportunities, as the Group heads into its next phase of growth, and well poised to achieve its future aspirations of delivering revenues in excess of £300 million.

Outlook

Trading has been strong during the first half of 2026, and the Board remains confident that this positive momentum will continue through the busier Autumn trading period.

The sales trajectory has improved in Q3 with sales revenue increasing 29.1% in the period from 1 July 2026 to 25 September 2026.

Reflecting the strength of trading in the first half and the continued acceleration in the third quarter, the Board now expects underlying profit before tax for the year ending 31 December 2026 to be materially ahead of current market expectations at not less than £5.0 million (FY25: £3.1 million).

The Board is further encouraged by the Group’s established infrastructure, experienced management and sales teams, longstanding supplier relationships, and increasing operational capacity. These strengths provide an excellent platform from which to capitalise on the available market opportunities and deliver accelerated gains in market share.

The Group has now made strong progress towards its original objective of achieving £200 million of sales revenue, which will be in reach in the current year based on current performance. The additional investment in logistics capacity, supported by the recent fundraising, provides the flexibility to pursue the Group's longer-term ambition of developing a substantially larger business, with the capacity and infrastructure to progress towards £300 million of revenue and beyond.

The Board remains focused on improving operating margins as volumes increase, allowing the Group to generate greater profitability and continue investing in people, infrastructure and service capabilities.

Tony Brewer, Chief Executive of Likewise Group plc, said:

“The Group has performed strongly throughout the first half and then accelerated into the summer and early Autumn. As a result, we now expect to deliver results for the full year materially ahead of market expectations.

This is a result of the extensive product development, sales and marketing activities over the last few years, supported by the enlarged logistics network. 

We thank all our management and staff for their contribution combined with the support from suppliers and customers. 

We also very much appreciate the engagement of existing and new shareholders in our recent fundraise which creates a really strong position for the Group to take advantage of the many opportunities before us in the UK flooring market. 

Given the recent trend and the investments in Newport, Derby, Corby and Manchester, we are even more optimistic regarding the future of the Group to the benefit of all stakeholders. 

Many thanks to everyone involved in Likewise.”

For further information, please contact:
Likewise Group plc Tony Brewer, Chief Executive	Tel: [phone]
Zeus (Nominated Adviser and Broker) Jordan Warburton / Emma Burn (Investment Banking) Dominic King / Fraser Marshall (Corporate Broking)	Tel: [phone]

CAUTIONARY STATEMENT

Certain statements included or incorporated by reference within this announcement may constitute "forward-looking statements" in respect of the Group's operations, performance, prospects and/or financial condition. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as "anticipates", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares or other securities in the Group, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other securities of the Group. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. Statements in this announcement reflect the knowledge and information available at the time of its preparation.

FINANCIAL OVERVIEW

The Directors have assessed the Group’s ability to continue as a going concern and are satisfied that it is appropriate to prepare the interim financial statements on this basis. The Group has continued to perform strongly despite cost pressures, delivering strong sales growth, improved profitability, enhanced operational gearing and positive cash generation.

	H1 2026
	Underlying £	Non-Underlying £	Reported £
Revenue	89,912,888	-	89,912,888
Cost of Sales	(61,080,216)	-	(61,080,216)
Gross Profit	28,832,672	-	28,832,672
Administrative expenses	(14,106,150)	(320,872)	(14,427,022)
Distribution costs	(12,365,842)	-	(12,365,842)
Impairment losses on trade receivables	(112,478)	-	(112,478)
Profit/(loss) from operations	2,248,202	(320,872)	1,927,330
Finance Income	34,210	-	34,210
Finance costs	(959,022)	-	(959,022)
Profit before tax	1,323,390	(320,872)	1,002,518

	H1 2025
	Underlying £	Non-Underlying £	Reported £
Revenue	77,947,835	-	77,947,835
Cost of Sales	(53,556,714)	-	(53,556,714)
Gross Profit	24,391,121	-	24,391,121
Administrative expenses	(12,430,723)	(507,370)	(12,938,093)
Distribution costs	(10,232,759)	-	(10,232,759)
Impairment losses on trade receivables	(55,129)	-	(55,129)
Profit/(loss) from operations	1,672,510	(507,370)	1,165,140
Finance Income	22,159	-	22,159
Finance costs	(957,603)	-	(957,603)
Profit before tax	737,066	(507,370)	229,696

Non-underlying items in 2026 and 2025 comprise exceptional items, including IFRS 2 share-based payment charges and the amortisation of acquisition-related intangible assets (excluding software modifications). Non-underlying items in 2025 also included strategic project costs. These non-GAAP measures are used by management to assess the underlying performance of the business and provide a consistent basis for evaluating operational results.

Revenue & Margin

Despite continuing challenges in the wider sector, the Group delivered a strong trading performance in the six months to 30 June 2026, with revenue increasing by 15.4% to £89.9 million (H1 2025: £77.9 million). This growth reflects continued momentum across the Group, supported by investment in sales resource, product development and the established national logistics platform.

The Board is particularly encouraged by the continued growth in Likewise Floors, demonstrating further progress in developing the Group’s market position with independent retailers and flooring contractors. The benefit of supplier and product initiatives implemented during 2026 has continued to be realised, contributing to both the increase in revenue and the improvement in margin.

Gross profit increased to £28.8 million (H1 2025: £24.4 million), with gross margin improving by 0.8 percentage points to 32.1%. This reflects the Group’s continued focus on pricing discipline, purchasing efficiency and product mix, while maintaining its ability to support higher sales volumes across the business.

The war in the Middle East generated additional cost pressures across both raw materials and operating expenses during the period. As a distribution business, fuel is a significant input cost and the resulting volatility led to material unbudgeted cost increases. Fuel prices peaked at approximately 33% above budgeted assumptions, adversely impacting the Group's profit and loss account by £0.2 million during the period to June, with elevated pricing continuing into the Autumn.

The Board continues to closely monitor the ongoing geopolitical situation and its potential impact on the business. Notwithstanding these challenges, the Group has demonstrated resilience, supported by appropriate pricing decisions and operational measures adopted to mitigate the effect of these inflationary pressures absorbing the resultant cost impacts within its forecasts. As a result, the Board remains confident in the business's ability to manage these headwinds effectively.

The increase in gross profit has translated into improved underlying profitability. Underlying profit from operations increased by 34.4% to £2.25 million (H1 2025: £1.67 million), while underlying profit before tax increased to £1.32 million (H1 2025: £0.74 million). Reported profit before tax also improved to £1.00 million (H1 2025: £0.23 million), after non-underlying items of £0.32 million.

The Board believes this performance demonstrates the operational gearing available from the infrastructure developed in recent years, with further benefits expected as the Group continues to increase volumes through its national distribution network.

Balance Sheet and Cash Flow

The Group continues to maintain a strong asset-backed balance sheet, with total assets increasing to £123.6 million at 30 June 2026 (31 December 2025: £112.5 million). Net assets increased to £46.2 million (31 December 2025: £45.0 million), reflecting the profit generated in the period together with the continued strength of the Group’s property-backed infrastructure.

Property, plant and equipment increased to £44.0 million (31 December 2025: £38.9 million), reflecting continued investment in the Group’s logistics and operational capacity, including the purchase of the Morley property. Right-of-use assets reduced to £15.0 million (31 December 2025: £16.2 million), consistent with the Group’s strategic approach to purchase commercial vehicles and property where appropriate, rather than leasing arrangements as it did in its earlier years.

Working capital increased in line with the higher level of trading activity and the Group’s growth plans. Inventories increased to £25.2 million (31 December 2025: £22.7 million), supporting sales demand and the planned stock build ahead of the busier Autumn trading period. Trade and other receivables increased to £26.3 million (31 December 2025: £21.3 million), reflecting the increased revenue base, while trade and other liabilities increased to £37.9 million (31 December 2025: £31.3 million), supporting stock movements and operating activity.

Cash generated from operating activities was positive at £4.11 million in the period, demonstrating strong underlying performance and disciplined working capital management despite the increased investment needed to support growth. Cash and cash equivalents were £3.65 million at 30 June 2026 (31 December 2025: £3.97 million).

The significant fundraising completed post-period end secured gross proceeds of £32.5 million, strengthening the Group's balance sheet and, alongside its existing financing facilities, provides the financial flexibility to accelerate investment, deliver its growth strategy and capitalise on market opportunities as they develop.

Overall, the Board remains confident that the Group’s balance sheet strength, available liquidity and improving cash generation provide a solid platform to fund further investment in people, stock and infrastructure, while continuing to support the Group’s longer-term growth ambitions. With a clear strategy, strengthening market position and substantial growth opportunities ahead, the Board remains excited about the Group’s future prospects.

Publication of non-statutory accounts

The condensed consolidated interim financial information was approved by the Board of Directors on 25 September 2026. The financial information set out in this interim report does not constitute statutory accounts as defined in s435 CA2006. The figures for the period ended 31 December 2025 have been extracted from the statutory Financial Statements of Likewise Group plc, which have been filed with the Registrar of Companies. The interim financial information for the six months to 30 June 2026 is unaudited. The interim report together will be available on the Group’s investor webpage at www.likewiseplc.com

Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) for the period		6 month period ended	6 month period ended
		30 June	30 June
	Notes	2026 £	2025 £
Revenue	3	89,912,888	77,947,835
Cost of sales		(61,080,216)	(53,556,714)
Gross profit		28,832,672	24,391,121
Administrative expenses		(14,427,022)	(12,938,093)
Distribution costs		(12,365,842)	(10,232,759)
Impairment losses on trade receivables		(112,478)	(55,129)
Profit from operations	4	1,927,330	1,165,140
Finance income		34,210	22,159
Finance costs		(959,022)	(957,603)
Profit/(Loss) before tax		1,002,518	229,696
Taxation		(190,478)	-
Profit/(Loss) for the financial period		812,040	229,696
Other comprehensive income: Items that will not be reclassified to profit or loss: Revaluation of land and buildings		230,042	161,893
Items that will or may be reclassified to profit or loss: Exchange Gains/(Losses) arising on translation of foreign operations		8,728	(23,668)
Total comprehensive profit/(loss) for the financial period		1,050,810	367,921

Earnings per share Basic profit/(loss) per share	6	Pence per share 0.32	Pence per share 0.09
Diluted profit/(loss) per share	6	0.31	0.09

Interim Consolidated Statement of Financial Position (Unaudited)		30 June	31 December
		2026	2025
	Notes	£	£
Assets
Non-current assets
Goodwill		5,624,284	5,624,284
Other intangible assets		3,214,349	3,384,684
Property, plant and equipment	10	44,041,492	38,852,528
Right-of-use assets	10	15,025,267	16,183,117
Retirement benefit surplus		520,000	520,000
		68,425,392	64,564,613
Current assets
Inventories		25,217,314	22,670,460
Trade and other receivables		26,277,110	21,260,288
Cash and cash equivalents		3,646,591	3,969,812
		55,141,015	47,900,560
Total assets		123,566,407	112,465,173
Liabilities
Non-current liabilities Loans and borrowings	11	(4,808,031)	(2,115,356)
Lease liabilities	11	(16,259,281)	(17,075,068)
Deferred tax liability		(3,113,633)	(2,923,155)
		(24,180,945)	(22,113,579)
Current liabilities Trade and other liabilities		(37,865,802)	(31,279,698)
Loans and borrowings	11	(11,153,685)	(9,669,420)
Lease liabilities	11	(4,123,104)	(4,411,891)
		(53,142,591)	(45,361,009)
Total liabilities		(77,323,536)	(67,474,588)
Net assets		46,242,871	44,990,585
Equity
Share capital		2,529,835	2,529,835
Share premium		18,989,870	18,989,870
Treasury shares		(384,000)	(461,038)
EBT Reserve		(314,017)	(314,017)
Warrant reserve		128,170	128,170
Share option reserve		849,625	777,140
Revaluation reserve		7,002,351	6,860,085
Foreign exchange reserve		(35,864)	(44,592)
Retained earnings		17,476,901	16,525,132
Total equity		46,242,871	44,990,585

Interim Consolidated Statement of Cash Flows (Unaudited) for the period	6 month period ended	6 month       period ended
	30 June	30 June
	2026	2025
Cash flows from operating activities	£	£
Profit for the period	812,040	229,696
Adjustments for:
Depreciation and amortisation	3,044,458	2,922,413
Profit on disposal of tangible fixed assets	(6,450)	(35,144)
Finance income	(34,210)	(22,159)
Finance costs	959,022	957,603
Deferred Taxation	190,478	-
Share based payment charge	124,438	120,874
Net foreign exchange (profit)/loss	(2,369)	1,070
	5,087,407	4,174,353
Movements in working capital:
Increase in inventories	(2,546,854)	(2,718,025)
Increase in trade and other receivables	(5,016,822)	(2,316,717)
Increase in trade and other payables	6,586,104	6,064,772
Cash flows from operations	4,109,835	5,204,383
Income tax received	-	-
Net cash from operating activities	4,109,835	5,204,383
Cash flow from investing activities
Purchase of property, plant and equipment*	(5,831,661)	(2,275,658)
Purchase of intangibles	(100,541)	(62,320)
Proceeds from disposal of property, plant and equipment	3,000	44,938
Interest received	34,210	22,159
Net cash used in investing activities	(5,894,992)	(2,270,881)
Cash flows from financing activities
Interest paid	(463,246)	(371,347)
Consideration received on share awards settled from Treasury	77,038	-
Consideration received on shares settled from EBT	-	59,400
Purchase of own shares	-	(402,454)
Increase in invoice discounting	798,787	927,703
Repayment of lease liabilities	(2,317,700)	(2,830,855)
Net drawdown on trade loan facility	578,957	524,153
New loan fund received	2,850,000	-
Repayment of loans	(50,803)	(28,849)
Net cash from / (used in) financing activities	1,473,033	(2,122,249)
Net increase/(decrease) in cash and cash equivalents	(312,124)	811,253
Cash and cash equivalents at the beginning of financial period	3,969,812	2,199,078
Effect of foreign exchange rates	(11,097)	(25,024)
Cash and cash equivalents at end of financial period	3,646,591	2,985,307
Comprising
Cash at bank	3,646,591	2,985,307
* Purchases of property, plant and equipment exclude £375,584 of assets acquired during the period under asset financing arrangements. Cash flows relating to these assets are presented within cash flows from financing activities under the repayment of lease liabilities line.

Notes to the consolidated (unaudited) financial statements for the period ended 30 June 2026

3.    Segmental reporting

For segmental reporting purposes, the Chief Operating Decision Maker ("CODM") is the Executive Board of Directors. The Board considers the Group to operate as a single reporting segment, reviewing performance and allocating resources on a Group-wide basis.

Revenue is generated entirely from the wholesale distribution of floor coverings and associated products. Accordingly, no segmental analysis has been presented. No individual customer accounted for more than 10% of Group revenue during the period.

	6 month	6 month
The Group generates revenue from both the UK and overseas as detailed below:	period ended 30 June	period ended 30 June
	2026	2025
	£	£
UK	89,820,201	77,909,037
Other EU	92,687	38,798
	89,912,888	77,947,835

Seasonal fluctuations

The overall demand for the wholesale of floorcoverings has previously been higher in the third and fourth quarters of the year. In the previous six month period to 30 June 2025, revenue equated to 47.8% of the annual revenue generated.

4.    Operating profit

Operating profit is stated after charging:				6 month	6 month
			period ended		period  ended
				30 June	30 June
				2026	2025
				£	£
Depreciation of property, plant and equipment including right-of-use assets				2,773,582	2,677,043
Amortisation of intangible assets – Software Modifications				74,442	48,935
Amortisation of intangible assets – Acquired Brand names and customer base				196,434	196,435
Share based payments				124,438	120,874
Impairment of inventories				692,092	540,729
Short term lease expense				88,729	73,257
Loss from new operations				-	190,062

6.    Earnings per share

Basic earnings per share is based on the profit after tax for the period and the weighted average number of shares in issue during each period.

	6 month	6 month
	period ended	period ended
	30 June	30 June
	2026	2025
	£	£
Profit/(loss) attributable to equity holders of the company	812,040	229,696
	No.	No.
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share	252,983,480	244,429,300
Adjustments for calculation of diluted earnings per share:
Options	8,792,816	7,137,211
Warrants	2,800,000	2,800,000
Weighted average number of shares and potential ordinary shares used as the denominator in calculating diluted earnings per share	264,576,296	254,366,511
Pence per share Pence per share
Basic profit/(loss) per share (pence)	0.32	0.09
Diluted profit/(loss) per share (pence)	0.31	0.09

10.    Property, plant and equipment

	Land and buildings	Other owned assets	Right-of-use assets	Total
	£	£	£	£
Net book value
At 31 December 2025	28,658,343	10,194,185	16,183,117	55,035,645
Additions	4,347,539	1,859,706	367,409	6,574,654
Disposals	-	(96,493)	(1,144,103)	(1,240,596)
Depreciation	(230,042)	(1,018,281)	(1,525,259)	(2,773,582)
Depreciation on disposals		96,493	1,144,103	1,240,596
Revaluation	230,042	-	-	230,042
At 30 June 2026	33,005,882	11,035,610	15,025,267	59,066,759

Included within land and buildings additions is the acquisition of the Group’s second freehold distribution hub in Leeds on 20 April 2026 for £3.0 million. The facility was purchased to streamline the supply chain for palletised goods sourced from the Far East and Europe and to release capacity across the Group’s existing distribution network.

During the period, the extension to the distribution hub in Newport, Wales was completed, with £1.35 million capitalised within land and buildings. The additional cutting and storage capacity will support the Group’s strategy of growing sales revenue towards its renewed £300 million target.

Management has assessed the value of the properties included within land and buildings and considers the carrying value of these assets to be materially consistent with their fair value. Accordingly, the properties have been revalued to reflect their fair value at the reporting date.
 

11.    Loans and borrowings

			Consolidated
			30 June	31 December
			2026	2025
			£	£
Current borrowings - Secured
Bank loans and invoice discounting facility			11,153,685	9,669,420
Lease liabilities			4,123,104	4,411,891
			15,276,789	14,081,311
Non-current borrowings - Secured
Bank loans			4,808,031	2,115,356
Lease liabilities			16,259,281	17,075,068
			21,067,312	19,190,424

The directors consider that the carrying amount of the invoice discounting facility and bank loan approximates their fair value.

The invoice discounting facility is secured against the related trade debtor balances and by a floating charge over the assets of the Group. The invoice discounting facility is denominated in Sterling. The invoice discounting facility is held for Likewise Floors Limited and has a fixed service charge of £18,000 per annum.

Lease liabilities are secured against the assets to which they relate.

			Carrying Amount
			30 June	31 December
			2026	2025
			£	£
Amounts repayable under bank and trade loans
Within one year			1,567,375	881,897
In the second to fifth year inclusive			952,263	561,948
Beyond five years			3,855,768	1,553,407
			6,375,406	2,997,252

Valley Wholesale Carpets Limited, a wholly owned subsidiary of Likewise Group PLC, has a trade loan facility agreement with Barclays Bank PLC, which provides the company with the ability to draw down funds up to a maximum limit of £1,750,000 at its request. As at 30 June 2026, £1,341,414 had been drawn down under the facility. The outstanding balance bears interest at a floating rate based on the Bank of England base rate plus a margin of 2.2%. In addition, the facility is subject to a quarterly management and arrangement fee.

The Group has a bank loan with an original principal of £2,495,000 drawn down in July 2023. Repayments commenced in September 2023 and are scheduled to continue until July 2038. The loan is secured by a fixed and floating charge over the Group's assets and carries interest at a floating rate based on the Bank of England base rate plus a margin of 2.35%.

On 16th April 2026, Likewise Floors Limited, a wholly owned subsidiary of Likewise Group PLC, entered into a loan agreement with NatWest Bank PLC for £2,850,000 in connection with the purchase of the freehold property at Howley Park Road East, Leeds. The loan is secured by a fixed charge over the property and floating charges over the Group's assets and bears interest at a floating rate based on the Bank of England base rate plus a margin of 2.0% and has a 20-year term. Repayments commenced in May 2026 and are scheduled to continue until April 2046.

The loans bear floating interest rates and exposes the Group to interest rate risk.

16.    Post balance sheet events

After the balance sheet date, a total of 67,764 of shares were transferred from Treasury to employees to settle vested SAYE scheme awards.

On 7 August 2026, the Company allotted and issued 83,559,800 new £0.01 Ordinary Shares pursuant to the firm placing and subscription announced on 29 July 2026, at an issue price of £0.285 per share, raising gross proceeds of approximately £23.8 million.

Following shareholder approval at the General Meeting on 14 August 2026, a further 30,475,287 new £0.01 Ordinary Shares were allocated and issued pursuant to the conditional placing, subscription and retail offer at £0.285 per share, raising additional gross proceeds of approximately £8.7 million.

In aggregate, the equity fundraising comprised 114,035,087 new ordinary shares and raised gross proceeds of approximately £32.5 million. The proceeds are being used to support the Group’s continued investment programme, strengthen the balance sheet and provide additional funding flexibility to execute the Group’s growth strategy.

On 21 August 2026, Likewise Holdings Limited, a wholly owned subsidiary of Likewise Group PLC successfully completed the purchase of a new freehold premises in Corby for total consideration of £9.57 million.

On 1 September 2026, Likewise Holdings Limited, a wholly owned subsidiary of Likewise Group PLC, agreed a £6.0 million loan with NatWest Bank PLC to fund the purchase of the freehold premises in Corby. The loan is for a 20-year term at an interest rate of 1.85% above the Bank of England base rate. The loan is secured by a first legal charge over the property and company guarantees supported by existing mortgage debentures.

The additional distribution hub will significantly enhance storage, cutting and trunking capacity throughout the Likewise Floors network once operational in January 2027, supporting the Group’s strategy as it heads toward its £300 million revenue target.

 

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