Floor coverings wholesaler, Likewise Group plc, has achieved a milestone by securing orders worth £1 million in a single day for the first time.
The Birmingham-based business reported a 12.9 per cent increase in sales, reaching £139.5 million for the financial year ending 31 December 2023. Despite significant investments to meet its medium-term objectives, the group’s underlying profit before tax stood at £2.3 million.
Likewise Group has proposed a final dividend of 0.25p, subject to shareholder approval at the AGM, which would bring the total dividend for 2023 to 0.35p, marking a 75 per cent increase from 2022.
Tony Brewer, Chief Executive of Likewise Group, commented on the company’s progress:
“Likewise Group plc has again made significant progress in 2023, which has continued into the first four months of 2024, with group sales revenue to the end of April increasing by 8.7 per cent and sales in Likewise branded businesses increasing by 15.3 per cent compared with the prior year. The group continues to trade in line with current market expectations.”
Mr Brewer highlighted the current turnover of £139.5 million as highly encouraging. With substantial investments in logistics and sales, Likewise Group aims to exceed £200 million in the medium term. The company now operates 11 distribution and logistics centres with a total capacity of 15 million cubic feet. It works with 80 key suppliers, employs over 500 individuals—most with extensive flooring experience—and serves over 5,000 customers, primarily independent flooring retailers and contractors.
Likewise Midlands has made tremendous strides over the past two years, establishing itself as a principal distributor of residential and commercial flooring throughout the region.
Mr Brewer concluded with gratitude and optimism:
“Likewise Group has made significant progress in the last three years. The board thanks management, sales teams, and all staff for their tremendous contribution to developing the group and achieving so much in such a short time. Despite challenging market conditions, 2024 has started positively, and we have every confidence in another successful year and another major step towards our medium-term objectives. Likewise would also like to thank all our suppliers, customers, and shareholders for their support over the last few years and look forward to further strengthening those relationships to our mutual benefit.”
Likewise Group PLC (LON:LIKE) is a distributor of floorcoverings and matting and has the opportunity to consolidate the domestic and commercial floorcovering markets to become one of the UK’s largest distributors in this sector.
