Likewise reports strong growth in turnover and margins in first half of 2021
Likewise Group, the Midlands-based floor coverings distributor, has released its first interim results since floating on AIM, showing a 52.2% increase in turnover in the first half of 2021, compared to 2020.
Turnover to 30 June 2021 was up to £28m, from £18.4m in the first half of 2020, and gross profit margin up to 29.4%. Operating profit before tax increased to £700,000, from a loss of £1.7m in the similar period in 2021.
As a result, the board has announced its intention to declare a maiden dividend in 2022.
Chief executive Tony Brewer said a significant increase in operational capacity was the main driver in Likewise’s latest results.
“Combined with support from our suppliers, this performance is a result of the relationship our excellent operational management and sales representatives have with flooring retailers and contractors.”
He pointed to the rapid growth of Likewise Scotland and Likewise North East, with Likewise North also performing particularly well from its distribution centre in Leeds which is also the hub for Likewise Residential Products nationally.
A&A in Manchester has continued to trade strongly and has extended its geographical reach from the North West of England and now includes parts of the Midlands.
Brewer said: “Our plan is to continue this expansion and negotiations are underway to move A&A to a new distribution centre close to their current location.
“Likewise Midlands is establishing a presence, and with the Birmingham Distribution Centre operational by the end of 2021, we expect a meaningful business to develop in 2022.”