UK floor coverings distributor Likewise Group has reported robust sales figures for October and November, with total sales revenue increasing by 11 per cent. This brings the sales rise for the year to date to 7.5 per cent. Sales within Likewise Floors grew by 18.8 per cent, contributing to the overall year-to-date increase of 7.5 per cent.
In November, average daily sales reached £704,000, which chief executive Tony Brewer highlighted as evidence of the company’s progress. He noted that Likewise Group is on track to surpass £200 million in sales revenue. The growth in sales revenue and gross margin in the second half of 2024 has also begun to provide the operational gearing necessary for continued momentum toward the company’s objectives for 2025.
Brewer expressed his gratitude to the entire team, suppliers, customers, and shareholders for their continued support, acknowledging their contribution to the company’s success. This positive performance follows a 25 per cent increase in the dividend payment in November, rising to 0.125p per share compared to the first half of 2023.
Furthermore, the half-year results for the period ending 30 June 2024 show a 6.2 per cent increase in total sales revenue. Likewise Floors’ sales continued to grow, with a 16.8 per cent rise. Despite challenging market conditions, the company remains committed to its growth strategy, having invested significantly in its workforce throughout 2024. Notably, the company recruited 14 new sales executives, bringing the total number of sales team members to 94. The half-year results also included the settlement of £4.27 million in deferred acquisition obligations.
Likewise Group’s performance throughout 2024 highlights its strong position in the market and ongoing commitment to achieving its medium-term objectives.
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.
