Likewise Group celebrates as sales soar 13 per cent to a lucky £139.5m

Solihull-based Likewise Group, the fast growing floor coverings wholesaler, is celebrating taking orders worth £1 million on one day for the first time.

The Group is also reporting a 12.9 per cent sales increase to £139.5 million in the financial year to 31 December 2023.

Underlying profit before tax, following continued investment by the group to achieve its medium term objectives, was £2.3 million.

Subject to shareholder approval at the AGM, a proposed final dividend of 0.25p will help deliver a total dividend of 0.35p in 2023, up 75% on 2022.

Chief executive Tony Brewer said: “Likewise Group plc has again made significant progress in 2023, which has continued into the first four months of 2024, with group sales revenue to the end of April increasing by 8.7 per cent and sales in Likewise branded businesses increasing by 15.3% compared with the prior year. 

“The group continues to trade in line with current market expectations.”

He said the current turnover of £139.5 million was highly encouraging but with significant investment in logistics and sale providing strong foundations to develop the business, Likewise now had its sights set on exceeding £200 million in the medium term.

Likewise now has 11 distribution and logistics centres created with total capacity at c.15 million cubic feet, 80 suppliers and 507 employees.

Tony added: “The Glasgow distribution hub, opened in Spring 2023, is now making a meaningful contribution with regard to storage, picking and cutting into the Likewise logistics network. Furthermore, Likewise Scotland is progressively increasing market share in both residential and commercial flooring. 

“Likewise North East which moved into a new logistics centre at the beginning of 2022 is now very clearly established across all flooring sectors and is well placed to progress its geographical presence. 

“Likewise North, based in Leeds, is particularly active throughout the M62 Corridor and is providing an enhanced service to North West England through the new Manchester logistics centre. Further investment in sales resource and point-of-sale will continue to increase their market share in residential and commercial flooring.”

A&A will move into its new logistics centre in June. A&A has made an important contribution to Likewise Group since being acquired in January 2020 and the new facility will allow A&A to make its next progression in both residential and now commercial flooring. 

Based in Birmingham, the Likewise Midlands business has made tremendous progress over the last two years and is now very much established as a principal distributor of residential and commercial flooring throughout the Midlands. 

Likewise South is progressively taking market share of residential flooring in the South of England and will benefit from the expansion of the Floors by Lewis Abbott premium branded carpet. 

Likewise London moved into a new logistics centre in Sidcup during January 2023, providing a much improved geographical reach and enhanced transportation network. To further develop Likewise London, investment has been made in 2024 to strengthen the management and sales team. 

Similarly, from its distribution centre in Sudbury, Likewise South East has received investment to increase its management and sales team. This allows both businesses to increase significantly their presence in the important London and South East flooring markets and also particularly benefiting from the Floors by Lewis Abbott product range. 

Tony said that Likewise Wales had become operational in January 2024 from the Newport distribution centre and, with the support of the Likewise network, has every opportunity to build a meaningful business in both residential and commercial flooring. 

He added: “Valley Wholesale Carpets is a very important part of the group. The profitability and positive cash flow of Valley has been particularly strong in the last two years. 

“Valley has extended its geographical reach over the last year and there are further opportunities to expand from its key distribution centres in Erith, Derby and Newport. 

“Furthermore, Valley will increase its product portfolio and develop additional point-of-sale displays to provide an enlarged offering to their customers enabling Valley to have an exciting future while remaining autonomous in the group structure. 

“The H&V Carpets, Delta Carpets, Floors by Lewis Abbott Premium Brand and Likewise Rugs & Matting have every opportunity to further establish themselves in their respective products segments to be an increasing part of the group’s activities.”

Mr Brewer concluded: “Likewise Group has made significant progress in the last three years. The board thanks management, sales teams and all staff for their tremendous contribution to developing the group and what has been achieved in such a short time. 

“Despite challenging market conditions, 2024 has started positively and we have every confidence of another successful year and most importantly another major step towards our medium-term objectives. 

“Likewise would also like to thank all our suppliers, customers and shareholders for their support over the last few years and look forward to further strengthen those relationships to our mutual benefit.”