Solihull flooring distributor hits sales milestone of £150M
Solihull-based listed floor coverings distributor, Likewise Group, has hit £150 million for the first time.
Gross sales revenue to 31 December 2024 was £150.8 million, up 7.5 per cent on the same period in 2023.
Tony Brewer, chief executive of Likewise, said: “Following four years of developing the group’s sales and operational infrastructure, we have stepped up to a new level of performance in the second half of 2024.
“With significant new product launches in the final quarter of 2024, and more planned for the first two quarters this year, the group is well placed to continue the exponential sales increase into 2025.
“We have excellent teams of people throughout our businesses, in product, sales and marketing, warehouse and transport, to capitalise on the significant opportunities before us. We are absolutely on the correct course to build a really meaningful flooring distribution business in the UK.”
He added that, within Likewise Group, sales in Likewise Floors increased by more than 15 per cent and the group is on track to deliver current market expectations for profit after tax for 2024 as well.
“While acknowledging they are traditionally the busiest months, group sales increased by 10.2% in the fourth quarter, and if extrapolated, would indicate annualised sales approaching £175 million.
“Importantly, the logistics network created over the last four years was able to process and deliver these volumes, and Likewise has plans to increase capacity in Glasgow, Derby and Newport during 2025 which will create around a further 35% processing capability.”
The second half of 2024 progressively provided evidence of operational gearing and improving profitability as the group aspires towards a more acceptable return on sales.
Likewise now has 94 sales executives, including 14 that have been recruited in the last 12 months.
The group is buying the freehold of a logistics centre near Plymouth from existing cash resources. This will allow both Likewise Floors and Valley the opportunity to develop business with customers in the South West of England and completes the logistics network to service the whole of the UK.
Planning permission is currently being applied for to extend the freehold distribution centre in Newport South Wales. It is expected this construction will be completed during 2025 which will meaningfully contribute to the increase to the group’s overall capacity.
