Flooring distributor Likewise Group plc has reported a growth in sales while also providing an update on operations including its investment in its Glasgow hub.
According to its latest trading update at its Annual General Meeting (AGM), total group sales have increased by 17.6% in the six months to 29 June 2023 compared to the corresponding period last year.
With the benefit of substantial investment in Sales Teams, Market Presence and the Logistics Infrastructure, sales in the Likewise Branded Businesses have increased by 23.6% in the same period.
Tony Brewer, Chief Executive of Likewise, commented: “It is particularly pleasing that sales are developing across all geographical regions in both Residential and Commercial Flooring. The Order Book is positive for Commercial Flooring as the Group enters the typically busy Summer period, particularly in the Education Sector.
“Therefore, with a positive H1, the Group is optimistic regarding the opportunities in the traditionally stronger Q3 and Q4 and is on target to achieve its current market expectations for the financial year ending 31 December 2023.
“The new High Bay Distribution Centre in Glasgow is now operational, providing further opportunities to expand the business in Scotland combined with significantly extra storage capacity for England and Wales.”
This latest investment follows the previous expenditure to provide the Group capacity to reach its medium-term objective of £200m sales revenue. In the Likewise Branded Businesses this is through a network of Glasgow, Newcastle, Leeds, Manchester, Sudbury, Sidcup, Newbury and Birmingham.
“The acquisition in January 2022 of Valley Wholesale Carpets Limited (Valley) was an important strategic move for the Group and Valley has continued to be a key contributor of Profitability and Positive Cash Flow,” Tony added. “Further investment in Valley in Product and Sales Resource plus increasing the logistics capacity in Erith, Newport and particularly Derby, provides Valley with many opportunities to increase its business development and geographical reach.
“The positive sales performance in H1 is a result of the significant investment and development of the Group in the last three years. The Board would like to thank all our Management and Staff for their major contribution to this performance combined with the support of our Suppliers, Customers and Shareholders. We look forward to a positive H2 and further progress of the Group in future to achieve its medium-term objectives.”
