Information  X 
Enter a valid email address

Likewise Group PLC (LIKE)

  Print   

Thursday 30 June, 2022

Likewise Group PLC

AGM Statement, Trading Update & Notice of Results

RNS Number : 7847Q
Likewise Group PLC
30 June 2022
 

30 June 2022

 

 

Likewise Group plc

 

( "Likewise", the "Company" or the " Group " )

 

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

 

Likewise Group plc (AIM:LIKE), the fast growing UK floor coverings distributor, is pleased to be holding its first Annual General Meeting ("AGM") today since listing on AIM in August 2021.

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

AGM Statement and Pre-Close Trading Update

Whilst the general economic position and weakness in consumer spending is well publicised, Sales Revenue in the 6 months to 30 June 2022 will be £57.8 million, an increase of 106.1% over the corresponding period last year. 

Organic Sales Revenue growth of businesses owned in the same period in 2021 is 27.3%. This has been achieved through the clearly defined strategy of investment in established Sales Representatives combined with multiple Sales and Marketing initiatives. 

This activity will be further accelerated in Q3 2022 with extensive New Product launches and additional Point of Sale Displays planned to take advantage of the traditionally busier trading period in the Autumn. 

We are extremely pleased with the development of the Likewise Trade Brand as demonstrated by the 27.3% sales increase. The acquisition of Valley Wholesale Carpets ("Valley") in January 2022 was a particularly important strategic step for Likewise. Valley will continue to be an autonomous business and is trading in line with our original expectations. The acquisition of Delta Carpets in April 2022 confirmed the Group's intention to bring bolt on opportunities into the infrastructure being established. 

To support the Sales and Marketing activity the Distribution Network continues to be developed. Construction is underway in Glasgow for a new 1.86 million cubic feet Distribution Centre which will be operational in Q1 2023. The search is progressing to relocate A&A in Manchester. Productivity continues to increase ahead of plan in Birmingham and Newbury is now servicing parts of the South of England.  Agreement has been reached to relocate Likewise London into new premises to provide an improved service to customers in London and the South East.

The extension to the Derby Freehold Distribution Centre has commenced and the currently unused Newport Facility will be operational during Q3 2022 to allow Valley to supply new customers in South West England and South Wales. 

All of these developments culminate in enlarging the Logistics Capacity to over 15 million cubic feet compared to 8 million cubic feet in 2021 and provide the Group with a comprehensive geographic reach and capacity to achieve its medium-term objectives. 

The Group's various businesses issued new Price Lists to customers in May 2022 to reflect increased cost prices from manufacturers. Whilst having to absorb higher energy, fuel and packaging costs the Group is on target to achieve the management expectations for the year and more importantly establish the foundations to create a substantial Floorcovering Distribution business in the medium to long term.

Likewise is confident in continuing to increase market share through extensive product launches supported by additional Sales and Marketing activity with the focus on increasing profitability and subsequent reinvestment to further strengthen the business for the benefit of all suppliers, customers, employees and shareholders.

Notice of Results

The Group will be announcing its interim results for the six month period ended 30 June 2022 on 26 September 2022.


For further information, please contact:  

Likewise Group plc

Tony Brewer, Chief Executive

Roy Povey, Chief Financial Officer  

Tel: 0121 817 2900

Zeus   (Nominated Adviser & Joint Broker)

Jordan Warburton / David Foreman / James Edis (Investment Banking)

Dominic King (Corporate Broking) 

 

Tel: 0203 829 5000

Ravenscroft Consultancy & Listing Services Limited  (Joint Broker)

Semelia Hamon (Corporate Finance)

Tel: 01481 732746

Novella Communications  (Financial PR)

Claire de Groot / Tim Robertson

Tel: 0203 151 7008

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
AGMMZGFVVGVGZZG

a d v e r t i s e m e n t