AGM Statement, Trading Update & Notice of Results

Likewise Group PLC

29 June 2023

 

29 June 2023

Likewise Group plc

("Likewise" or the "Group")

AGM Statement, Pre-Close Trading Update and Notice of Results

Likewise Group plc (AIM:LIKE), the progressive flooring distributor in the UK, is holding its Annual General Meeting ("AGM") this morning and will announce a continuation of its positive sales performance.

At the meeting, Tony Brewer, Chief Executive of Likewise, will provide the following update to shareholders.

AGM Statement and Pre-Close Trading Update

Total Group Sales have increased by 17.6% in the six months to 29 June 2023 compared to the corresponding period last year. This demonstrates the Group is delivering its strategy of continuing to increase market share.

With the benefit of substantial investment in Sales Teams, Market Presence and the Logistics Infrastructure, sales in the Likewise Branded Businesses have increased by 23.6% in the same period.

It is particularly pleasing that sales are developing across all geographical regions in both Residential and Commercial Flooring. The Order Book is positive for Commercial Flooring as the Group enters the typically busy Summer period, particularly in the Education Sector.

Therefore, with a positive H1, the Group is optimistic regarding the opportunities in the traditionally stronger Q3 and Q4 and is on target to achieve its current market expectations for the financial year ending 31 December 2023.

The new High Bay Distribution Centre in Glasgow is now operational, providing further opportunities to expand the business in Scotland combined with significantly extra storage capacity for England and Wales.

This latest investment follows the previous expenditure to provide the Group capacity to reach its medium-term objective of £200 million sales revenue. In the Likewise Branded Businesses this is through a network of Glasgow, Newcastle, Leeds, Manchester, Sudbury, Sidcup, Newbury and Birmingham.

The acquisition in January 2022 of Valley Wholesale Carpets Limited ("Valley") was an important strategic move for the Group and Valley has continued to be a key contributor of Profitability and Positive Cash Flow. Further investment in Valley in Product and Sales Resource plus increasing the logistics capacity in Erith, Newport and particularly Derby, provides Valley with many opportunities to increase its business development and geographical reach.

The final dividend, assuming approved by shareholders at the AGM, will be paid on 7 July 2023 to shareholders on the register at the close of business on 2 June 2023, the ex-dividend date being 1 June 2023. The Board are committed to a progressive Dividend policy as the Group's earnings continue to increase.

Notice of Results

The Group will be announcing its interim results for the six-month period ended 30 June 2023 on 29 September 2023 at which time will also provide clarity on Q3 Trading in conjunction with the outlook for Q4.

Tony Brewer, Chief Executive of Likewise Group plc, said:

"The positive sales performance in H1 is a result of the significant investment and development of the Group in the last three years. The Board would like to thank all our Management and Staff for their major contribution to this performance combined with the support of our Suppliers, Customers and Shareholders. We look forward to a positive H2 and further progress of the Group in future to achieve its medium-term objectives."

For further information, please contact:

Likewise Group plc Tony Brewer, Chief Executive Roy Povey, Chief Financial Officer	Tel: [phone]
Zeus (Nominated Adviser & Joint Broker) Jordan Warburton / David Foreman / James Edis (Investment Banking) Dominic King (Corporate Broking)	Tel: [phone]
Ravenscroft Consultancy & Listing Services Limited (Joint Broker) Semelia Hamon (Corporate Finance)	Tel: [phone]
Novella Communications (Financial PR) Claire de Groot / Tim Robertson	Tel: [phone]

 

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