6 March 2024
Likewise Group plc
("Likewise", the "Group" or the "Company")
Trading Update
Likewise Group plc (AIM:LIKE), the fast growing and progressive UK floor coverings distributor is pleased to announce a positive start to 2024. Sales revenue to the end of February has increased by 11.5% to £22.8 million compared with the corresponding period last year, with average daily sales increasing by 6.5%. Sales in Likewise Branded businesses have increased by 20.1% to £15.4 million, with average daily sales increasing by 14.5%.
Whilst the first two months can only ever provide limited indication of the year as a whole, early trends are positive and the Board remains confident in meeting market expectations for 2024.
The Group has continued to invest and increase its market presence with 11 additional executives being recruited recently to enlarge the Sales Teams throughout the UK. This includes Scotland, North West England, The Midlands, South Wales, South West England, London and the South East.
The positive start to the year creates significant momentum into the traditionally busy Spring trading period with extensive launches in key products of Carpet, Residential Vinyl, Laminate, Luxury Vinyl Tile and Artificial Grass.
Valley Wholesale Carpets Limited ("Valley") continues to be a particularly important contributor to Group profitability and positive Cash Flow. Valley continues to expand its geographical reach and also has impressive product launches with additional Point of Sale initiatives to further increase its market presence.
An agreement to lease has now exchanged to enable A&A in Manchester to move into a new Logistics Centre allowing A&A to be part of the Likewise Logistics Network.
The Group continues to look forward with optimism as it accelerates towards its medium-term objectives.
Tony Brewer, Chief Executive of Likewise said:
"A good start to the year with many opportunities before us. The ongoing investment in Sales Teams, Product and Point of Sale Displays will continue to increase our market share.
The logistics infrastructure the Group has created over the last 3 years is now very well positioned to process and deliver the increasing demand."
| For further information, please contact: | |
| Likewise Group plc Tony Brewer, Chief Executive | Tel: +44 (0) 121 817 2900 |
| Zeus (Nominated Adviser and Joint Broker) Jordan Warburton / David Foreman / James Edis (Investment Banking) Dominic King (Corporate Broking) | Tel: +44 (0) 20 3829 5000 |
| WH Ireland (Joint Broker) Hugh Morgan / Antonio Bossi (Corporate Finance) Fraser Marshall / Harry Ansell (Corporate Broking) | Tel: +44 (0) 20 7220 1666 |
| Ravenscroft (Joint Broker) Semelia Hamon (Corporate Finance) | Tel: +44 (0) 1481 732 746 |
| Novella Communications (Financial PR) Claire de Groot / Tim Robertson | Tel: +44 (0) 20 3151 7008 |
ENDS
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