Likewise Group PLC - Birmingham-based domestic and commercial floor coverings distributor - Reduces annual pretax loss amid rising revenue as it declares a maiden dividend. Pretax loss in 2021 narrows to £226,882 from £3.3 million in 2020. Revenue climbs to £60.5 million from £47.3 million. Net assets increase to £22.4 million in 2021 from £11.6 million in 2020, but have since grown to £38.7 million as at April 30, 2022 following the acquisition of Valley Wholesale Carpets and Delta Carpets, Likewise explains.

Despite inflationary pressures, 2022 started well and company is ‘currently on target to achieve its objectives for the year,’ adds Chief Executive Officer Tony Brewer. ‘Likewise is extremely optimistic with regards to the medium and long term given the business and strong foundations that have been established to date,’ he adds. The firm sees itself in a position to outperform market conditions and increase market share.

Firm declares a maiden dividend of 0.2 pence per share. ‘The company expects to make annual final dividend payments following the approval at future annual general meetings of the company,’ Likewise says. Adds it remains open to share buybacks as it describes the placing and open offer at 35p to acquire Valley Wholesale Carpets as significantly oversubscribed.

Current stock price: 31.20 pence, down 1.0% on Wednesday

12-month change: up 6.5%

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