Likewise bullish about growth after sales uplift
September 30, 2024
Ambitious national flooring distributor Likewise is confident about taking "huge advantage of the opportunities" ahead after reporting healthy sales growth in challenging marketing conditions.
Posting its interim results for the six months ended 30 June 2024, Likewise saw sales grow overall by 6.2% to £70.7m and organic growth in its own brands of 16.8%.
In its statement to shareholders, the group said: "With extensive Sales and Marketing initiatives throughout its businesses, the Group looks forward to taking advantage of the traditionally busy Autumn trading period in Q4. However, the quantum of the upturn in Q4 remains very difficult to predict given the unprecedented widespread restructuring in the UK flooring industry."
- CEO Tony Brewer commented on the results: "The Group remains committed in its ongoing investment to ultimately maximise future opportunities, however the immediate return is diluted by difficult market conditions. Therefore, whilst the short term profit aspirations remain challenging, the Board is absolutely confident that the foundations are being prepared for a much larger business.
"The Group is in an unrivalled position to take huge advantage of the opportunities before us. Notwithstanding the further progression as consumer demand and markets return to more normal levels,” he added.
In its report, Likewise said that its product launches in Q3, and planned for Q4 2024 were at a significantly higher level than at any time during is short history, giving them "every confidence that we will be able to continue to grow the business strongly into 2025."
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