Flooring business Valley Wholesale Carpets, part of the Likewise group, has reported a decline in sales and profit.

According to its latest filed accounts for the year ended 31 December 2024, total sales fell 3.3% to £40.3m from £41.7m in 2023.

Pre-tax profit resulted at £2.3m, down from £3.6m recorded the previous year.

Stated within its report, the company said: “Given the unprecedented changes and restructuring of the floorcovering market and the challenging market conditions experienced in 2024, the Director is satisfied with the Company’s revenue.

“Overall, the company has seen a reduction in profitability, largely as a result of the reduction in turnover and some cost increases.

“Despite a challenging market backdrop for the wider flooring sector, Valley has demonstrated resilience and adaptability, delivering a performance in 2024 that, whilst lower year-on-year, remains notably ahead of the declines reported more widely in the sector.

“As a well-established and mature business, Valley’s relative outperformance reflects both the strong operational foundations of the business and the proactive steps taken to support future growth.

“Ongoing investment in Erith, the extension to the Derby Distribution Centre and the successful opening of the previously unused Newport Distribution Centre in 2024 enabled us to access new markets and improve regional service levels. This momentum has continued into 2025, with the acquisition of a new £1.15 million freehold logistics centre in Ivybridge, Plymouth.

“This significant investment lays the groundwork for further growth, giving us the infrastructure to tap into additional geographies and improve the overall distribution efficiency.

“In addition, Valley has taken important steps to diversify the product portfolio. Historically focused on residential carpet and domestic vinyl, the business has undertaken major product development initiatives in 2024, which will culminate with the launch of an expanded range in early 2025. “This includes a move into resilient flooring, with both laminate and luxury vinyl tile (LVT) ranges.

“Supporting this initiative, the business is also launching its first dedicated in-store display stands to be placed in key retail locations – an important milestone in increasing brand visibility and driving customer engagement at the point of sale.”