Floor coverings distributor, Likewise Group plc, has reported a growth in turnover and a return to profit.
According to its final results for the year ended 31 December 2021, total sales rose 28% to £60.5m from £47.3m in 2020.
Gross profit margin improved to 30% from 26.1%, while pre-tax profit resulted at £1.6m compared to its loss of £1.5m the previous year.
During the last 18 months Likewise said it has made ‘significant progress’ including developing a profitable business, successfully floating on AIM during August 2021 and the ‘important strategic’ acquisition of Valley Wholesale Carpets (2004) Limited in January 2022. Likewise also acquired Delta Carpets (Holdings) Limited in April 2022.
Commenting on its results, the company said: “With the support of Suppliers and Customers, the Management, Sales Representatives and Staff of Likewise have now established a Trade Brand in most geographical areas of the UK with plans to further expand into the South and South West of England plus South Wales.
“Significant Point of Sale and Sampling have been introduced in 2021 with an accelerated number of product launches and additional market presence planned during Q2 and Q3 2022. A Business to Business website has been launched to allow Trade Customers to access stock and place orders at any time.
“The acquisition of Valley also significantly propelled Likewise forward. Valley will remain an autonomous business and is trading in line with management expectations.”
Likewise added that it has invested in its distribution infrastructure, which includes a new hub in Glasgow, due to be operational in Q1 2023, as well as a recent move to an enlarged facility in Newcastle and the launch of its Birmingham and Newbury hubs.
“Within Valley, work has commenced to extend the Freehold Distribution Centre in Derby which will provide more storage capability in addition to increased cutting capacity for Carpet and Residential Vinyl. Furthermore the currently unutilised Freehold Distribution Centre in Newport, South Wales will commence trading in Q3 2022,” it said.
Tony Brewer, Chief Executive of Likewise Group plc, added: “Likewise has achieved a good start to the year with a continuation of the positive sales trend and whilst being aware of inflationary pressures and general consumer sentiment, is currently on target to achieve its objectives for the year.
“We would like to thank all of our Suppliers and Customers for their support and our Management and Staff for their huge contribution to the business since 2018 which has seen a massive change from the formative period.
“Likewise is extremely optimistic with regards to the Medium and Long Term given the business and strong foundations that have been established to date.”