Likewise Group, the Birmingham-based distributor of floor coverings, has achieved a significant sales milestone, surpassing £150 million in gross sales revenue for the year ending December 2024. This represents a 7.5% increase compared to the previous year, highlighting the company's ongoing growth and market strength.
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The group has plans to further expand its operations, particularly in the South West of the UK, where it is acquiring the freehold of a logistics centre near Plymouth. This move will complete the company's logistics network and allow it to service the entire UK market more effectively. Likewise Group is also working on increasing capacity in Glasgow, Derby, and Newport during 2025, which will enhance its processing capability by approximately 35%.
Additionally, the company is seeking planning permission to extend its freehold distribution centre in Newport, South Wales, with construction expected to be completed by 2025. In line with its growth strategy, Likewise Group has also announced a share buyback programme, using its existing cash resources to repurchase up to £200,000 of its ordinary shares.
Tony Brewer, the Chief Executive of Likewise Group, commented on the company's progress, stating: '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.' He highlighted that significant new product launches in late 2024, with more expected in the first half of 2025, position the group well for continued sales growth.
Sales within the group's Likewise Floors division saw an impressive 15.5% increase, and the company is on track to meet market expectations for profit after tax for 2024. Brewer added that despite the traditionally busy final quarter, group sales increased by 10.2%, which, if maintained, could lead to an annualised sales figure approaching £175 million.
With its expanding logistics network, increased processing capacity, and strong product offerings, Likewise Group is well-positioned to build on its momentum and continue its growth trajectory into 2025.
Source: www.thebusinessdesk.com