Record November for sales points to Likewise hitting its year end targets
Likewise Group plc, the fast growing UK floor coverings distributor, has notched up a record month in November.
The AIM-listed company, headquartered near Birmingham, recorded total revenue of £14 million for November 2023.Group revenue to the end of the month increased by 13.3% compared to November 2022, while revenue in the expanding Likewise Floors business rose by 29%, reflecting excellent organic growth.
Tony Brewer, chief executive of Likewise Group plc, said the record performance had been achieved despite challenging market conditions, which were undoubtedly adversely impacted by macro-economic headwinds.
He added that the group remains on track to achieve its current market expectations for the financial year ending 31 December 2023.
Mr Brewer said: ““The growth of Likewise Group plc has been achieved through the huge contribution from our management and staff, plus the support from suppliers, customers and shareholders. We thank all our stakeholders and wish them a Happy Christmas and a prosperous New Year.”
Likewise has continued to invest in logistics, sales teams and point-of-sale to expand its geographical coverage and presence with existing customers.
Following successful development in South Wales, Valley Wholesale Carpets Ltd is now expanding into Bristol and South West England. Further capacity has been created in Derby which will allow Valley to increase its processing volumes in 2024.
A&A, acquired in 2020, has developed its residential business and is now also investing in additional sales management to expand into commercial flooring. The group is near to agreement to relocate A&A into new premises and is progressively benefiting from the Likewise logistics network.
Likewise has established a presence in South Wales by recruiting a team in both residential and commercial flooring to operate from the previously under-utilised distribution centre in Newport with further support of the extensive Likewise product portfolio.
The new Glasgow Distribution Hub is now established, and Likewise operational procedures are being implemented to allow Likewise Scotland to be a key component to the Likewise Logistics Network, while also providing considerably more capacity to increase business in its home Scottish market.
Further investment has been made to develop the management and sales teams in Likewise South East and Likewise London to increase significantly market penetration in these important geographical areas.
Likewise South will now increase its reach by investing in additional sales resource for Bristol and South West England.
Likewise has also invested in the Delta, H&V and Floors by Lewis Abbott Trade Brands during 2023 which have provided limited return currently but are poised to improve their market presence and return on investment during 2024.
Tony Brewer said: “The development of the group reflects the excellent relationship with suppliers and, very importantly, the presence in independent retailers and flooring contractors through the experienced sales teams.
“Likewise has undoubtedly increased market share during 2023 and with capacity in the logistics network developed over the last three years can look forward to further growth in 2024 towards the group’s medium term ambition of £200 million sales revenue.”
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Issued on behalf of Likewise Group plc, Unit 4, Radial Park, Birmingham Business Park, Solihull Parkway, Birmingham B37 7YN
For further information, please contact:
Andy Skinner, at ASAP PR – 07990 978257
Likewise Group plc is a distributor of floorcoverings and mattings established with the intention of consolidating the domestic and commercial floorcoverings markets to become one of the UK’s largest distributors in this sector. The UK floor and wall covering market is worth circa £3.2 billion and is expected to increase at a compound annual growth rate of 2.1% from 2019 to 2024 to reach £3.5 billion, split between the residential, commercial, public and industrial markets. Likewise Group’s strategy is to focus on the residential and commercial sectors.