Likewise Group PLC AGM Statement, Trading Update & Notice of Results (2974E)
2023年6月29日 - 3:00PM
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RNS Number : 2974E
Likewise Group PLC
29 June 2023
29 June 2023
Likewise Group plc
("Likewise" or the "Group")
AGM Statement, Pre-Close Trading Update and Notice of
Results
Likewise Group plc (AIM:LIKE), the progressive flooring
distributor in the UK, is holding its Annual General Meeting
("AGM") this morning and will announce a continuation of its
positive sales performance.
At the meeting, Tony Brewer, Chief Executive of Likewise, will
provide the following update to shareholders.
AGM Statement and Pre-Close Trading Update
Total Group Sales have increased by 17.6% in the six months to
29 June 2023 compared to the corresponding period last year. This
demonstrates the Group is delivering its strategy of continuing to
increase market share.
With the benefit of substantial investment in Sales Teams,
Market Presence and the Logistics Infrastructure, sales in the
Likewise Branded Businesses have increased by 23.6% in the same
period.
It is particularly pleasing that sales are developing across all
geographical regions in both Residential and Commercial Flooring.
The Order Book is positive for Commercial Flooring as the Group
enters the typically busy Summer period, particularly in the
Education Sector.
Therefore, with a positive H1, the Group is optimistic regarding
the opportunities in the traditionally stronger Q3 and Q4 and is on
target to achieve its current market expectations for the financial
year ending 31 December 2023.
The new High Bay Distribution Centre in Glasgow is now
operational, providing further opportunities to expand the business
in Scotland combined with significantly extra storage capacity for
England and Wales.
This latest investment follows the previous expenditure to
provide the Group capacity to reach its medium-term objective of
GBP200 million sales revenue. In the Likewise Branded Businesses
this is through a network of Glasgow, Newcastle, Leeds, Manchester,
Sudbury, Sidcup, Newbury and Birmingham.
The acquisition in January 2022 of Valley Wholesale Carpets
Limited ("Valley") was an important strategic move for the Group
and Valley has continued to be a key contributor of Profitability
and Positive Cash Flow. Further investment in Valley in Product and
Sales Resource plus increasing the logistics capacity in Erith,
Newport and particularly Derby, provides Valley with many
opportunities to increase its business development and geographical
reach.
The final dividend, assuming approved by shareholders at the
AGM, will be paid on 7 July 2023 to shareholders on the register at
the close of business on 2 June 2023, the ex-dividend date being 1
June 2023. The Board are committed to a progressive Dividend policy
as the Group's earnings continue to increase.
Notice of Results
The Group will be announcing its interim results for the
six-month period ended 30 June 2023 on 29 September 2023 at which
time will also provide clarity on Q3 Trading in conjunction with
the outlook for Q4.
Tony Brewer, Chief Executive of Likewise Group plc, said:
"The positive sales performance in H1 is a result of the
significant investment and development of the Group in the last
three years. The Board would like to thank all our Management and
Staff for their major contribution to this performance combined
with the support of our Suppliers, Customers and Shareholders. We
look forward to a positive H2 and further progress of the Group in
future to achieve its medium-term objectives."
For further information, please contact:
Likewise Group plc Tel: 0121 817
Tony Brewer, Chief Executive 2900
Roy Povey, Chief Financial Officer
Zeus (Nominated Adviser & Joint Broker) Tel: 0203 829
Jordan Warburton / David Foreman / James Edis 5000
(Investment Banking)
Dominic King (Corporate Broking)
Ravenscroft Consultancy & Listing Services Limited Tel: 01481
(Joint Broker) 732746
Semelia Hamon (Corporate Finance)
Novella Communications (Financial PR) Tel: 0203 151
Claire de Groot / Tim Robertson 7008
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END
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