Floor coverings distributor Likewise Group plc has reported sales of over £150m.
According to its latest trading update for the year ended 31 December 2024, total group sales reached £150.8m, an increase of 7.5%.
Sales in Likewise Floors increased by 15.5% and the Group is on track to deliver current market expectations for profit after tax for FY24.
Whilst acknowledging they are traditionally the busiest months, Group Sales increased by 10.2% in Q4, and if extrapolated, would indicate annualised Sales approaching £175 million.
The Group has agreed Heads of Terms to acquire the freehold of a Logistics Centre near Plymouth from existing cash resources. This will allow both Likewise Floors and Valley the opportunity to develop business with customers in the South West of England and completes the logistics network to service the whole of the UK.
Planning permission is currently being applied for to extend the freehold Distribution Centre in Newport South Wales. It is expected this construction will be completed during 2025 which will meaningfully contribute to the aforementioned increase to overall capacity of the Group.
Furthermore, Likewise intends to conduct a share buyback programme of ordinary shares of £0.01 each in the capital of the Company up to a maximum aggregate consideration of £200,000. Under the Buyback Programme, the Company will, at appropriate times, seek to buy back its Ordinary Shares using the Company’s existing cash resources for up to the Maximum Amount. The Buyback Programme is considered to be in the best interests of all shareholders.
Tony Brewer, Chief Executive of Likewise, said: “Following four years of developing the Group’s Sales and Operational infrastructure we have stepped up to a new level of performance in H2 2024.
“With significant new product launches in Q4 and more planned for Q1 and 2 this year, the Group is well placed to continue the exponential sales increase into 2025.
“We have excellent Teams of people throughout our businesses, in Product, Sales and Marketing, Warehouse and Transport, to capitalise on the significant opportunities before us.
“We are absolutely on the correct course to build a really meaningful flooring distribution business in the UK.”
