Likewise Group PLC on Tuesday reported a substantially widened pretax loss despite increasing its revenue and declaring a stable dividend, and said it was ‘very optimistic’ following a positive first quarter.

Likewise, a Birmingham, England-based domestic and commercial floor coverings distributor, said its pretax loss widened to £1.4 million in 2022 compared with £226,882 in 2021.

The firm’s revenue more than doubled over the same periods to £123.6 million from £60.5 million.

However, Likewise said its cost of sales increased dramatically to £87.2 million from £42.4 million.

Distribution expenses also increased to £17.0 million from £7.1 million. Administrative expenses increased 72% to £19.0 million from £11.1 million, and finance expense increased 87% to £796,843 from £425,277. Likewise incurred an additional loss of £846,380 on revaluation of a consideration on acquisition.

Despite the loss, Likewise declared a final dividend of 0.2 pence per share for 2022, unchanged from its maiden dividend the previous year.

Total dividend for the year will be 0.4p per share as Likewise previously paid a 0.2p interim dividend in July last year.

Likewise said its results remained in line with the current market consensus and that revenue in the first quarter increased 18% year on year. The group is confident that the rest of 2023 will see further development and success.

‘The group has made a positive start to the first four months of 2023 and in market conditions which continue to be challenging, has undoubtedly gained market share...We continue to be very optimistic in achieving our medium-term objectives,’ Chief Executive Tony Brewer commented.

Shares in Likewise were down 1.6% at 25.59p each on Tuesday in London.

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