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."
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For
further information, please contact:
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Likewise Group plc
Tony Brewer, Chief
Executive
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Tel: +44 (0) 121 817 2900
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Zeus (Nominated Adviser and Joint Broker)
Jordan Warburton / David Foreman /
James Edis (Investment Banking)
Dominic King (Corporate
Broking)
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Tel: +44 (0) 20 3829 5000
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WH
Ireland (Joint Broker)
Hugh Morgan / Antonio Bossi
(Corporate Finance)
Fraser Marshall / Harry Ansell
(Corporate Broking)
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Tel: +44 (0) 20 7220 1666
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Ravenscroft (Joint Broker)
Semelia Hamon (Corporate
Finance)
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Tel: +44 (0) 1481 732 746
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Novella Communications (Financial PR)
Claire de Groot / Tim
Robertson
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Tel: +44 (0) 20 3151 7008
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ENDS