Likewise Swung to 1H Pretax Loss on Higher Costs; Sees 2023 in Line With Views

By Michael Susin

Likewise Group swung to a pretax loss in the first half due to increased cost pressures, and said it is performing in line with full-year expectations.
The U.K. floor-coverings distributor on Friday said its pretax loss for the first six months of the year was 490,029 pounds ($598,080) compared with a profit of GBP85,882 in the same period a year ago.

Revenue rose to GBP66.6 million from GBP56.8 million.
Adjusted earnings before interest, taxes, depreciation and amortization–the company’s preferred metric, which strips out exceptional and other one-off items–fell to GBP3.1 million from GBP3.6 million.
The board has declared an interim dividend of 0.1 pence a share.
Looking ahead, the company said the second half has started well and that it is on target to meet market expectations for 2023.
Likewise is now ahead of the revenue milestones it needs to reach in order to achieve its medium-term aspirations, it said.
Write to Michael Susin at [email protected]