Likewise bucks trend with record sales
December 6, 2023
Ambitious flooring group Likewise has reported a record revenue month for November, bucking the industry trend of sluggish Q4 sales.
The fast growing distributor told shareholders that November sales were up 13.3% to £14m and the group's revenue for the eleven months to the end of November is up 13.3% year-on-year.
Within this result, the emerging Likewise Floors branded business increased 29%, reflecting excellent organic growth against what the company described as "challenging market conditions which are undoubtedly, adversely impacted by macro-economic head winds."
Likewise said the growth has been predominantly driven by increased volume rather than price inflation.
The Group is expected to achieve current market expectations when the financial year wraps up at the end of this month with analysts forecasting annual turnover of over £136m compared to £123.6 in 2022 and £47m back in 2020.
In Chief Executive Tony Brewer's trading update report he concluded: "Likewise has undoubtedly increased market share during 2023 and with capacity in the logistics network developed over the last three years can look forward to further growth in 2024 towards the Group’s medium term ambition of exceeding £200 million Annual Sales Revenue."
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