Likewise expands into profitability
The fast-growing UK flooring distribution business Likewise has boosted sales by 28% and achieved its first profits after three years of rapid growth.
Tony Brewer, chief executive of the Birmingham-based group, said: “Likewise is very pleased to announce it has delivered its first profit following the initial 3 years of investment to establish a meaningful floor covering distribution business in the UK.
"Likewise continues to increase Sales Revenue and Gross Margin on a like for like basis. With the infrastructure established and further investment in Sales and Marketing, the Board considers that the Group has the Management and Teams in place to out-perform market conditions and increase market share," he told shareholders in a presentation of the final results for the year ended 31 December 2022.
The Likewise group has acquired and grown several brands as it expands across the UK and includes businesses such as A&A, Factory Flooring, H&V, William Armes (Dandy), Bruce Starke and Lewis Abbott. This year, it has acquired Valley Wholesale Carpets and Delta Carpets.
Sales for 2021 were reported at £60.5m compared to £47.3m the prvious year and the gross profit margin improved to 30% (26% in 2020). As a result, Likewise made a profit before tax of £1.8m and has declared its first dividend to shareholders of 0.2p per share.
The Group continues to develop its logistics infrastructure. Its Birmingham hub is now operational which doubles the carpet capacity for the Likewise branded businesses. Construction is underway for a new Distribution Centre in Glasgow and the business in Newcastle has now moved into an enlarged facility adjacent to its previous location. Valley and Delta added further to this network.
