REG - Likewise Group PLC - Trading Update and Acquisition of Logistics Centre

LikewiseAnnouncement

10/02/2025 07:00

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RNS Number : 4208W  Likewise Group PLC  10 February 2025

10 February 2025

Likewise Group plc

("Likewise", the "Company" or the "Group")

Trading update and acquisition of logistics centre

 

Likewise Group plc (AIM:LIKE), the fast growing UK flooring distributor, is
pleased to announce the completion to purchase a freehold Logistics Centre in
Ivybridge near Plymouth. The consideration of £1.2 million was funded from
internal cash. This increases the Group's freehold property portfolio to
£23.3 million.

The new Logistics Centre will both establish Likewise South West and also
enable Valley Wholesale Carpets to develop business with customers in Devon
and Cornwall. Very importantly, this completes Likewise Group's comprehensive
geographical coverage of the UK.

Following a successful 2024, Likewise has made a positive start to 2025, with
total sales revenue increasing by 8.4%(1) in January and Likewise Branded
businesses increasing by 13.6%.

The Group has extensive product launches planned for Q1 and Q2, supported by a
significant number of Point of Sale and Display Stand activities to materially
increase market presence in independent flooring retailers and contractors.

The enhanced logistics infrastructure combined with the substantial Sales and
Marketing initiatives will allow the Group to take full advantage of the many
opportunities presented in the UK flooring industry.

Tony Brewer, Chief Executive of Likewise, said:

"The investment in Plymouth completes the Group's geographical reach across
the UK and further strengthens our Balance Sheet.

The momentum developed in H2 2024 has continued in the early part of 2025
providing the Group with confidence in an exciting future and further progress
towards our medium term objectives"

(1) this is in addition to the increase of 5.1% for the Group and 14.1% for
Likewise Branded businesses between January 2023 and January 2024

 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 / Fraser Marshall (Corporate Broking)
 Ravenscroft (Joint Broker)                                           Tel: +44 (0) 1481 735 340

 Semelia Hamon (Corporate Finance)

 

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