Likewise Group
Website:
Likewise Group
Index:
AIM
EPIC: LIKE
Supersector:
Personal and Household Goods
Sector:
Household Goods and Home Construction
Subsector:
Furnishings
Market Cap:
£77.71M
Payout Frequency: Semi-Annual
Likewise Group Dividend Analysis and Summary
Key Dividend Details
- Final dividend (FY25): 0.275 pence per share (up 10% year on year), subject to AGM approval on 17/06/2026.
- Total FY25 dividend: 0.4125 pence per share (up 10% year on year).
- Ex-dividend date: Thursday, 28/05/2026.
- Record date: Friday, 29/05/2026.
- Payment date: Friday, 10/07/2026.
- DRIP election deadline: 19/06/2026.
- Indicative cash cost: final dividend ~£0.70m; total FY25 dividends ~£1.04m (based on ~253m shares).
Dividend Sustainability and Growth
- Growth trajectory: A second consecutive year of a 10% increase (final and total DPS), signalling a progressive stance.
- Earnings cover: Reported basic EPS of 0.36p vs total DPS of 0.4125p implies sub-1x cover (~0.9x) on a statutory basis. However, underlying performance improved (underlying PBT £3.1m, +56%).
- Cash cover: Operating cash flow of £8.8m in FY25 comfortably covers the c.£1.0m annual dividend outlay, indicating strong cash-based sustainability.
- Balance sheet and funding: The Group highlights a robust position with significant property assets and modest fixed borrowings, while utilising working capital facilities (invoice discounting). Finance costs were £1.83m, and lease liabilities total £21.5m, both manageable against cash generation.
- Outlook support: FY26 trading to April shows ~15% revenue growth, and gross margin improved to 31.1%, providing near-term support for the dividend.
Support from Financial Performance and Capital Allocation
- Performance: Revenue up 9% to £163.1m; underlying EBITDA £10.4m; strong operating cash conversion.
- Capital allocation: Continuing modest cash returns (dividends ~£1.0m) alongside strategic investment in logistics capacity (Leeds hub, Newport extension, Derby cutting capacity) and selective share buybacks; this mix suggests the dividend remains a smaller call on cash versus growth investment.
- Policy read-across: No formal policy change disclosed; the 10% uplift, despite statutory cover below 1x, indicates reliance on underlying earnings and cash flow to underpin a progressive dividend.
Structural/Strategic Factors Relevant to Future Dividends
- Infrastructure expansion:
- Post year-end acquisition of a freehold distribution hub in Leeds (completed 20/04/2026) funded with additional term debt.
- New East Midlands high-bay hub under non-binding heads of terms; Newport extension due July 2026; ongoing investment in fleet and cutting capacity.
These should enhance scale and margins over time, supporting dividend capacity once ramped.
- Share capital moves: 5.5m new shares issued in Aug 2025 and intermittent buybacks in 2024–2025; no share consolidation or demerger activity disclosed.
- M&A: Strategy remains open to targeted, accretive acquisitions, but recent focus is primarily organic and infrastructure-led.
Risks and Flags to Dividend Stability
- Statutory earnings cover below 1x: The dividend is not covered by reported EPS; continued reliance on underlying adjustments and cash generation is implied.
- Expansion execution risk: New hubs and capacity increases (including early-stage operations expected to be loss-making initially) could weigh on near-term profits if ramps are slower than planned.
- Working capital and financing mix: Significant use of invoice discounting and floating-rate borrowings exposes the Group to credit-cycle and interest-rate risk, though current cash generation mitigates this.
- Input cost/pricing pressure: Management plans price increases from 1 May to offset raw material pressures; inability to pass through could pressure margins and cover.
Read more
Likewise Group Annual Dividend Yield - 1.27%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 05/06/2025 |
11/07/2025 |
Final |
0.25p |
GBX |
| 09/10/2025 |
14/11/2025 |
Interim |
0.1375p |
GBX |
Total (Annual Dividends Per Share):
0.39p
Dividend Yield =
Annual Dividends Per Share (0.39p)
÷ Share Price (30.4p)
= 1.27%
Likewise Group Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 28/05/2026 |
10/07/2026 |
Final |
0.2750p |
GBX |
| 09/10/2025 |
14/11/2025 |
Interim |
0.1375p |
GBX |
| 05/06/2025 |
11/07/2025 |
Final |
0.25p |
GBX |
| 10/10/2024 |
15/11/2024 |
Interim |
0.13p |
GBX |
| 30/05/2024 |
05/07/2024 |
Final |
0.25p |
GBX |
| 12/10/2023 |
17/11/2023 |
Interim |
0.10p |
GBX |
| 01/06/2023 |
07/07/2023 |
Final |
0.20p |
GBX |
| 01/06/2022 |
08/07/2022 |
Final |
0.20p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
0.125 |
0.250 |
GBX |
0.375 |
25.000 |
| 2023 |
0.100 |
0.200 |
GBX |
0.300 |
50.000 |
| 2022 |
|
0.200 |
GBX |
0.200 |
|
Likewise Group Dividend Calculator
Likewise Group Dividend Growth
| Dividend Growth (1Y) |
10.13%
|
| Dividend CAGR (5Y) |
–
|
| Years of Growth |
4
|
| Payout Ratio |
121.36%
|
| Buyback Yield |
-2.34%
|
| Shareholder Yield |
-0.89%
|
| P/E Ratio (TTM) | 91.2 |
|---|
| Forward P/E | 25.83 |
|---|
| P/FCF | 14.05 |
|---|
| Earnings Yield | 1.14% |
|---|
| FCF Yield | 7.12% |
|---|
| ROE | 2.1% |
|---|
| ROCE | 6.28% |
|---|
| Profit Margin | 0.54% |
|---|
| Operating Margin | 2.58% |
|---|
| Gross Margin | 31.11% |
|---|