Likewise Group PLC Trading Update (7904V)
06 12월 2023 - 4:00PM
UK Regulatory
TIDMLIKE
RNS Number : 7904V
Likewise Group PLC
06 December 2023
6 December 2023
Likewise Group plc
("Likewise", the "Group" or the "Company")
Trading Update and Positive Outlook for 2024
Likewise Group plc (AIM:LIKE), the fast growing and progressive
UK floor coverings distributor is pleased to announce that November
2023 has proved to be its record performance month with Total Sales
Revenue of GBP14.0 million.
This is despite challenging market conditions which are
undoubtedly, adversely impacted by macro-economic head winds.
Group Revenue to the end of November 2023 increased 13.3%
against the corresponding period last year, whilst Revenue in the
emerging Likewise Floors business increased 29%, reflecting
excellent organic growth. The growth experienced has been
predominantly driven by increased volume rather than price
inflation.
The Group remains on track to achieve current market
expectations for the financial year ending 31 December 2023.
Positive Outlook and Investment for 2024
The Group continues to invest in Logistics, Sales Teams and
Point of Sale to expand its geographical coverage and presence with
existing customers.
Following successful development in South Wales, Valley
Wholesale Carpets Limited ("Valley") is now expanding into Bristol
and South West England. Further capacity has been created in Derby
which will allow Valley to meaningfully increase processing volumes
in 2024.
A&A, acquired in 2020, has developed its Residential
business and is now also investing in additional Sales Management
to expand into Commercial Flooring. The Group is near to agreement
to relocate A&A into new premises and is progressively
benefiting from the Likewise Logistics Network.
Likewise has established a presence in South Wales by recruiting
a Team in both Residential and Commercial Flooring to operate from
the previously under-utilised Distribution Centre in Newport, with
further support of the extensive Likewise product portfolio.
The new Glasgow Distribution Hub is now established and Likewise
operational procedures are being implemented to allow Likewise
Scotland to be a key component to the Likewise Logistics Network,
whilst also providing considerably more capacity to increase
business in their home Scottish market.
Further investment has been made to develop the Management and
Sales Teams in Likewise South East and Likewise London to
significantly increase market penetration in these important
geographical areas.
Likewise South will continue to increase its reach by investing
in additional Sales Resource for Bristol and South West
England.
Likewise has also invested in the Delta, H&V and Floors by
Lewis Abbott Trade Brands during 2023 which have currently provided
limited return but are poised to improve their market presence and
return on investment during 2024.
The development of the Group reflects the excellent relationship
with Suppliers and very importantly the presence in Independent
Retailers and Flooring Contractors through our experienced Sales
Teams.
Likewise has undoubtedly increased market share during 2023 and
with capacity in the Logistics Network developed over the last
three years, can look forward to further growth in 2024, towards
the Group's medium term ambition of exceeding GBP200 million Annual
Sales Revenue.
Tony Brewer, Chief Executive of Likewise, said:
"The growth of the Group has been achieved through the huge
contribution from our Management and Staff plus the support from
our Suppliers, Customers and Shareholders. We thank all our
Stakeholders and wish them a Happy Christmas and a prosperous New
Year."
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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END
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(END) Dow Jones Newswires
December 06, 2023 02:00 ET (07:00 GMT)
Likewise (LSE:LIKE)
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부터 5월(5) 2024 으로 6월(6) 2024
Likewise (LSE:LIKE)
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부터 6월(6) 2023 으로 6월(6) 2024