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karen.oriordan@kick-startpublishing.co.uk
Strong sales growth at Likewise
January 12, 2023
A confident trading update from ambitious UK flooring distributor Likewise plc shows 27% sales growth in Q4 2022 and strong performance across its expanding network.
Like-for-like sales grew by 26.6% in Q4, contributing to a 25.7% improvement for the full year to December 31. However, the total sales revenue for the year ended 31 December 2022 increased by 103.9% to £124.4 million. This result shows a major contribution from the acquisition of Valley Wholesale Carpets Limited in January 2022.
"In an undoubtedly challenging market, we are very pleased with the contribution from Valley to sales and profitability," says Likewise CEO Tony Brewer. "The Valley logistics network, with its main distribution hub in Erith, is now enhanced by extra storage and cutting capacity in Derby in addition to the previously unused centre in Newport commencing operations in November 2022."
The Likewise Group says it has made significant progress in the last two years through investment in infrastructure with new operations being established in Leeds, Newcastle, Birmingham and Newbury. The Sidcup site will be operational during January and Glasgow in Q2 2023. Negotiations for a new development to relocate its A&A operation in Manchester are expected to be concluded shortly.
"The Group is on target to achieve the current market expectations and is confident in reaching its medium term objectives," says Likewise.
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