Likewise Group delivers record FY sales performance

4th Jan 2024 09:46

(Sharecast News) - Flooring distributor Likewise Group said on Thursday that recent investments to increase its logistics capacity had resulted in a record sales performance in 2023.

Likewise said gross sales revenue for the year had increased by 13.6% to £140.2m, with sales in Likewise Floors increasing 29.1%, something the group said was "particularly positive" given macroeconomic headwinds and subsequent challenging market conditions.

The AIM-listed group stated sales revenue for the 2023 trading year was ahead of current market expectations, while underlying profitability was expected to be in line with market expectations, reflecting its continued investment in the future of the business. The board also noted that it was "confident" of achieving current market expectations for FY24 as it continues to develop its position in the UK flooring market.

Likewise added that it has "invested heavily" in point-of-sale displays and sampling to "significantly increase" its market presence over the last three years in conjunction with establishing logistics infrastructure and said the final quarter of 2023 demonstrated the success of its strategy, with the ability to generate increasing sales revenue. It noted that this strategy will continue into 2024 as it remains confident in its ability to continue to gain market share and, through operational gearing, improve profitability.

Chief executive Tony Brewer said: "The ability and commitment of our people combined with the infrastructure coping with ever-increasing volumes, demonstrates the ability of the business to surpass its medium-term objectives.

"The group has come a long way in the last three years and we look forward to a positive and exciting future as the group capitalises on the many opportunities for the benefit of all our employees, suppliers, customers and shareholders."

As of 1110 GMT, Likewise shares had shot up 15% to 23.0p.

Reporting by Iain Gilbert at Sharecast.com