Investments made over the past four years are beginning to deliver and bring Likewise Group’s medium term target of £200 million turnover in sight, chief executive Tony Brewer told the AIM-listed firm’s AGM.
He revealed a continuation of the “very positive sales trajectory” reported by Likewise earlier in the year.
As the group approached its half year, total gross sales revenue was up 10% on a like-for-like basis on the corresponding period last year.
The group, with its two principal businesses, Likewise Floors and Valley Wholesale Carpets, continues to expand presence in flooring retailers and contractors through ever increasing point-of-sale displays, which has enabled it to gain market share despite what remains a subdued trading environment.
To support the significantly higher sales activity, the group is also continuing to invest in the logistics network. Additional productivity has been established in Glasgow for the Likewise UK network and commitment to increase processing capacity in Valley’s Derby Distribution Centre has been agreed which will be operational in the third quarter of 2025.
Tony Brewer said: “With the greater sales volumes the group is now consistently achieving, improved operational gearing each month is resulting in higher levels of profitability. Likewise is well on course to achieve market forecasts for our financial year to December 31 2025.
“It is really encouraging to see the investments made in the last four years really starting to deliver meaningful improvements in sales and subsequent profitability.
“The group continues to make significant progress towards our medium term objectives of sales revenue well in excess of £200 million.
“We have great teams of people in our various businesses and thank all our employees for their contributions as we look forward to an exciting future. Furthermore, we very much appreciate the continued support of suppliers, customers, shareholders and all stakeholders.”
