Sales at Likewise more than doubled in 2022
Sales soared 104.4% at fast growing UK floor covering distributor Likewise Group plc during 2022, with turnover up to £123.6 million from £60.5 million in 2021.
The result, for the year ended 31 December 2022, was a combination of organic growth of 25.7% and the contribution of Valley Wholesale Carpets Ltd and Delta Carpets Ltd, which were acquired during 2022.
Chief executive Tony Brewer said the result was driven by continued investment into sales and marketing initiatives and an increase in distribution capacity from circa 8 million cubic feet in 2021 to circa 15 million cubic feet.
Underlying profit before tax was up 84.8% from £1.38 million in 2021 to £2.56 million.
Mr Brewer said: “Likewise Group is now clearly established as a leading company in the UK flooring industry and is well on target to achieve its medium term targets.
“Sales revenue for the first four months of 2023 has shown a further increase of 17.8% over the corresponding period last year, reflecting strong performance against macro-economic headwinds.”
He said the organic growth of the Likewise branded businesses of 25.7% in 2022, followed by a further 23.5% in the first four months of 2023, had been achieved through a significant increase in market presence through substantial investment in point-of sales displays and sampling, combined with the ongoing development of sales teams throughout the UK.
“The acquisition of Valley in January 2022 was a very important step for the group. Valley performed particularly well during the year and is an important contributor to profitability and cash flow.”
Mr Brewer concluded: “Likewise has made a positive start to the first four months of 2023 and in market conditions which continue to be challenging, has undoubtedly gained market share.
“This has been achieved through continually increasing market presence and the success of our experienced sales teams throughout the UK, supported by the logistics infrastructure being established.
“We would like to thank all of our suppliers, customers, management, staff and shareholders for their ongoing support and huge contribution to the ongoing development of Likewise.
“We continue to be very optimistic in achieving our medium term objectives.”
A final dividend of 0.2p per ordinary share is proposed by the board.
Likewise Group includes Likewise Rugs & Matting, Floors by Lewis Abbott, H&V Carpets, Valley Wholesale Carpets and Delta Carpets as well as Likewise-branded divisions in the north, north-east, Midlands, south and south-east and Scotland.
Ends (397 words)
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.