Bullish Likewise grows sales 20% in Q1
Fast growing UK floor coverings distributor Likewise plc says Q1 sales are 19.7% up on this time last year and announced more expansion to its national logistics network.
In a trading update to its shareholders, the plc also announced the its Likewise branded business grew by 25.7% in the same period.
The Plc which had sales of £124m in the 2022, up from £61m in 2021, says it expects to grow to revenues to "well in excess of £200 million in the medium term."
"Q1 has been positive and the Group will continue to take market share in existing geographical regions notwithstanding the huge opportunity as the Group moves into new UK territories," says chief executive Tony Brewer.
The Group says it now has possession of the 47,000 square feet high bay Distribution Centre in Glasgow which will become operational during Spring 2023 which will allow the business in Scotland to significantly enlarge and also provide additional stocking capacity to support the Likewise Logistics Network in England and Wales.
Over the last two years, Likewise has made significant progress in developing a comprehensive Logistics Infrastructure. In January 2021 the 80,000 square feet Distribution Hub was opened in Leeds, followed in H2 2021 with establishing the 57,000 square feet high bay Birmingham Distribution Hub, which became operational in 2022.
In January 2022 the Newcastle business moved into a much improved Logistics Centre. The Newbury Logistics Centre opened in July 2022 enabling the Group to develop business with customers in the South of England.
In the statement to shareholders, Likewise added: "The Group has created the logistics capability to double its current cutting capacity for carpet, residential vinyl and artificial grass. This is consistent with the Group's aspirations to have a business well in excess of £200 million Group Revenue in the medium term."
