Likewise doubles sales in 2022
May 16, 2023
Ambitious UK distributor Likewise plc has report sales growth of 104% in 2022 and says it is now "clearly established as a leading company in the UK floor covering industry."
In its final results for the year ended December 31, 2022, Likewise reported that sales increased 104.4% to £123.6 million compared to £60.5m in 2021. Underlying profit before tax increased 84.8% to £2.56m from £1.38m the previous year.
Nearly 26% of the increased sales were down to organic growth with the the contribution of the two major acquisitions during 2022, Valley Wholesale Carpets Limited and Delta Carpets Limited making up much of the rest.
"The Group is now clearly established as a leading company in the UK floor covering industry and is well on target to achieve its medium-term targets," chief executive Tony Brewer told shareholders.
"The organic growth of the Likewise branded businesses of 25.7% in 2022, followed by a further 23.5% in the first four months of 2023, has been achieved through a significant increase in market presence through substantial investment in point of sales displays and sampling, combined with the ongoing development of sales teams throughout the UK," he said.
Likewise says its number of active customer accounts has increased by 27% and in a trading update on the current year, the company said: "The first four months of 2023 have been positive and [revenue] has shown a further increase of 17.8% over the corresponding period last year."
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