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Flooring distributor grows half year sales and profit

Floor coverings distributor Likewise Group plc has reported a surge in half year sales and profit.

According to its latest interim results for the six months ended 30 June 2022, total sales has increased by 108% from £28m to £58.4m.

Organic growth of 27% has increased sales from £28m to £35.8m, while gross margin has improved from 29.4% to 29.9%. Underlying profit before tax is £1.91m from £1.08m, an increase of 77%.

Likewise said the positive sales revenue trend has continued through July, August and September which positions the Group ‘well for the traditionally busy Autumn trading in Q4’.

Activity has also increased on new products, which has ‘significantly improved the market presence of our various businesses in particularly to flooring retailers but also contractors, cumulating in the number of Active Accounts increasing each month’.

Tony Brewer, Chief Executive of Likewise Group plc, added: “Likewise has made considerable progress in the last two years. The acquisition of Valley was a particularly important step. The increase in Net Assets and subsequently solid Balance Sheet provides the Group with strong foundations for the future.

“With the extensive logistics, sales and marketing investment we are confident in progressively building a substantial and profitable floor covering distribution business.”

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