TIDMLIKE
RNS Number : 5878Y
Likewise Group PLC
04 January 2024
4 January 2024
Likewise Group plc
("Likewise", the "Company" or the "Group")
Trading update
Investment to increase Logistics Capacity delivers Record
Sales
Likewise Group plc (AIM:LIKE), the fast growing and progressive
Flooring Distributor, is pleased to announce that Gross Sales
Revenue for the year ended 31 December 2023 ("FY23") increased by
13.6% to GBP140.2 million. Sales in Likewise Floors increased 29.1%
in FY23. These increases are particularly positive given the macro
economic headwinds and subsequent challenging market
conditions.
The Group's Sales Revenue for FY23 is ahead of current market
expectations and underlying profitability is expected to be in line
with market expectations, reflecting the continued investment in
the future of the business. The Board is confident of achieving the
current market expectations for FY24 as the Group continues to
develop its position in the UK Flooring Market. As demonstrated
with the maiden Interim Dividend declared in September 2023, the
Board is committed to a progressive dividend policy in line with
profitability.
Undoubtedly the most encouraging factor during the high sales
volume in November and even greater activity in the first two weeks
of December, averaging GBP660,638 per day, was the ability of the
Logistics Infrastructure that has been developed over the last
three years being able to efficiently process and deliver the
additional demand created.
The Group 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 the Logistics
Infrastructure. The final quarter of 2023 demonstrated the success
of this strategy to date with the ability to generate increasing
Sales Revenue whilst providing the Operational expertise to service
customers effectively.
This strategy will continue into 2024 as the Group is confident
in continuing to gain market share and through operational gearing,
improve profitability.
Valley Wholesale Carpets Limited ("Valley"), with its main
Distribution Hub in Erith, was able to accommodate the volumes and
utilise the additional Cutting Capacity that was established
through further investment in the Derby Distribution Centre. This
will allow Valley to expand its business with greater Point of Sale
and the opportunity to increase its Product range in 2024 to
existing customers, in addition to increasing its geographical
presence into South West England following the successful
development in South Wales. This enlarged sales volume will be
absorbed through increased capabilities in both the Derby and
Newport Distribution Centres.
The beginning of 2024 will commence with Likewise London
increasing its Sales Management and infrastructure with a similar
initiative in Likewise South East, allowing both businesses to
expand their market presences.
Likewise South is also extending its geographical reach to now
develop business with customers in Bristol and the South West of
England.
January 2024 sees the launch of Likewise Wales with an
experienced Team operating from the Newport Distribution Centre.
They are expected to quickly develop a significant presence in both
Commercial and Residential markets.
Heads of Terms are agreed for A&A Manchester to relocate to
new premises in Spring 2024. A&A will benefit from being part
of the Likewise Logistics Network which has now allowed A&A to
develop into Commercial Flooring in North West England as well as
providing an improved delivery service to its Residential customers
in the North of England and Midlands.
Likewise Scotland is now able to really expand its presence
through significantly increased capacity in the Glasgow
Distribution Centre which can also provide extra capability for
both storage and processing into the overall Likewise Logistics
Network.
Further investment in the Birmingham Distribution Hub allows
this important location to have an increasing influence on the
development of Likewise Floors and specifically the capacity to
develop the ever expanding Likewise Midlands business.
Additional sales resource in H&V Carpets, Floors by Lewis
Abbott and Delta Carpets provides each of these businesses with
every opportunity to expand in 2024.
The strategic investments in Derby and Newport plus Glasgow,
Manchester and Birmingham in conjunction with the established
locations in Erith, Newcastle, Leeds, Newbury, Sidcup and Sudbury,
provides the Group with the Logistics Infrastructure to deliver the
extensive Sales and Marketing initiatives in progress.
Tony Brewer, Chief Executive of Likewise Group plc, said:
"The Board would like to thank our Management and Sales Team for
generating increasing volumes, and particularly our Telesales,
Administration, Warehouse, Night Teams and Delivery Drivers for
their important contributions.
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."
For further information, please contact:
Likewise Group plc Tel: +44 (0) 121 817 2900
Tony Brewer, Chief Executive
Zeus (Nominated Adviser and Joint Broker) Tel: +44 (0) 20 3829 5000
Jordan Warburton / David Foreman / James Edis
(Investment Banking)
Dominic King (Corporate Broking)
WH Ireland (Joint Broker) Tel: +44 (0) 20 7220 1666
Hugh Morgan / Antonio Bossi (Corporate Finance)
Fraser Marshall / Harry Ansell (Corporate
Broking)
Ravenscroft (Joint Broker) Tel: +44 (0) 01481 732
746
Semelia Hamon (Corporate Finance)
Novella Communications (Financial PR) Tel: +44 (0) 0203 151 7008
Claire de Groot / Tim Robertson
ENDS
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January 04, 2024 02:00 ET (07:00 GMT)
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