Flooring distributor breaks £150m barrier with UK expansion underway
Likewise Group the Birmingham-based UK floor coverings distributor, hit a new sales record of £150m last year.
Gross sales revenue to the end of December 2024 was £150.8m, up 7.5% on the same period in 2023.
The flooring distributor has set its sights on generating business in the South West and is in the process of buying the freehold of a logistics centre near Plymouth from existing cash resources. The deal will complete its logistics network to service the whole of the UK.
Likewise also has plans to increase capacity in Glasgow, Derby and Newport during 2025 which will create around a further 35% processing capability.
Planning permission is currently being applied for to extend the freehold distribution centre in Newport South Wales. It is expected this construction will be completed in 2025.
A share buyback programme has been announced today, with ordinary shares of £0.01 each to a maximum of £200,000, via its existing cash resources.
Tony Brewer, chief executive of Likewise said: “Following four years of developing the group’s sales and operational infrastructure, we have stepped up to a new level of performance in the second half of 2024.
“With significant new product launches in the final quarter of 2024, and more planned for the first two quarters this year, the group is well placed to continue the exponential sales increase into 2025.
“We have excellent teams of people throughout our businesses, in product, sales and marketing, warehouse and transport, to capitalise on the significant opportunities before us. We are absolutely on the correct course to build a really meaningful flooring distribution business in the UK.”
He added that, within Likewise Group, sales in Likewise Floors increased by 15.5% and the group is on track to deliver current market expectations for profit after tax for 2024 as well.
“While acknowledging they are traditionally the busiest months, group sales increased by 10.2% in the fourth quarter, and if extrapolated, would indicate annualised sales approaching £175 million”.
