REG - Likewise Group PLC - Trading Update

LikewiseAnnouncement

06/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240306:nRSF7197Fa&default-theme=true

RNS Number : 7197F  Likewise Group PLC  06 March 2024

6 March 2024

Likewise Group plc

 

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

 

Trading Update

 

Likewise Group plc (AIM:LIKE), the fast growing and progressive UK floor
coverings distributor is pleased to announce a positive start to 2024. Sales
revenue to the end of February has increased by 11.5% to £22.8 million
compared with the corresponding period last year, with average daily sales
increasing by 6.5%. Sales in Likewise Branded businesses have increased by
20.1% to £15.4 million, with average daily sales increasing by 14.5%.

 

Whilst the first two months can only ever provide limited indication of the
year as a whole, early trends are positive and the Board remains confident in
meeting market expectations for 2024.

 

The Group has continued to invest and increase its market presence with 11
additional executives being recruited recently to enlarge the Sales Teams
throughout the UK. This includes Scotland, North West England, The Midlands,
South Wales, South West England, London and the South East.

 

The positive start to the year creates significant momentum into the
traditionally busy Spring trading period with extensive launches in key
products of Carpet, Residential Vinyl, Laminate, Luxury Vinyl Tile and
Artificial Grass.

 

Valley Wholesale Carpets Limited ("Valley") continues to be a particularly
important contributor to Group profitability and positive Cash Flow. Valley
continues to expand its geographical reach and also has impressive product
launches with additional Point of Sale initiatives to further increase its
market presence.

 

An agreement to lease has now exchanged to enable A&A in Manchester to
move into a new Logistics Centre allowing A&A to be part of the Likewise
Logistics Network.

 

The Group continues to look forward with optimism as it accelerates towards
its medium-term objectives.

 

Tony Brewer, Chief Executive of Likewise said:

 

"A good start to the year with many opportunities before us. The ongoing
investment in Sales Teams, Product and Point of Sale Displays will continue to
increase our market share.

 

The logistics infrastructure the Group has created over the last 3 years is
now very well positioned to process and deliver the increasing demand."

 

 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) 1481 732 746

 Semelia Hamon (Corporate Finance)
 Novella Communications (Financial PR)                                Tel: +44 (0) 20 3151 7008

 Claire de Groot / Tim Robertson

 

ENDS

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTQKPBNKBKBPNK