Flooring distributor has got it covered
Floor covering distributor Likewise, has seen sales increase by 28% in its final results.
Sales rose from £47.3m in 2020 to £60.5m in 2021 following the firm successfully floating on AIM during August 2021.
During the last 18 months Likewise has acquired Valley Wholesale Carpets in January 2022, and Delta Carpets in April 2022. Net assets almost doubled from £11.6m in 2020 to £22.4m, and have since grown to £38.7m, as at 30 April 2022, following the acquisitions.
Chief executive Tony Brewer said: “Likewise has achieved a good start to the year with a continuation of the positive sales trend and while being aware of inflationary pressures and general consumer sentiment, is currently on target to achieve its objectives for the year.
“We would like to thank all of our suppliers and customers for their support and our management and staff for their huge contribution to the business since 2018 which has seen a massive change from the formative period.
“Likewise is extremely optimistic with regards to the medium and long term given the business and strong foundations that have been established to date.”
Brewer also noted that the economic impacts of the pandemic and now the war in Ukraine have increased cost prices, particularly in respect to energy, raw materials and incoming freight costs.
The firm has invested over the last three tears in its distribution infrastructure and material handling capacity.
This includes the new Distribution Centre in Glasgow, due to be operational in the first quarter of 2023, the recent move to an enlarged facility in Newcastle and the Birmingham Distribution Hub becoming operational which will also release capacity in the Leeds Distribution Hub.
The Newbury Logistics Centre is now operational to service the South of England.
Within Valley, work has commenced to extend the freehold Distribution Centre in Derby which will provide more storage capability in addition to increased cutting capacity for carpet and residential vinyl.