Likewise Group plc (LON:LIKE), the fast growing UK floor coverings distributor, is holding its Annual General Meeting tomorrow morning and will announce further positive progress as the Group continues to gain market share.
At the meeting, Tony Brewer, Chief Executive of Likewise Group, will provide the following update to shareholders.
AGM Statement
Overall Gross Sales Revenue has increased by 8.5% in the first six months to 18 June 2024 with Sales in the Likewise Branded businesses increasing by 14.6% and individually Likewise Floors alone, increasing by 19.7% compared to the corresponding period in 2023.
Whilst market conditions remain challenging, the Group is confident in further overall Sales increases in the traditionally busier H2.
The Group is committed to investing in Sales and Marketing with an improving return anticipated in the coming years as we recognise there are many opportunities before us in the UK flooring market. While the Group incurs ongoing investment and additional cost in growing revenues, the Board believes this will ultimately create a much larger business and facilitate the achievement of the Group’s medium term sales and profit objectives.
The total Sales Team of 94 Sales Executives are making a particularly important contribution to the overall performance in both Residential and Commercial Flooring. The 13 new Sales Executives recruited since November 2023 are all making good progress in developing new regional markets and whilst their potential is currently unfulfilled, further revenue growth from these individuals is expected in the second half of the year and beyond.
As previously stated, the Group has developed a comprehensive Logistics Infrastructure through its 11 Distribution and Logistics Centres, which has created additional capacity to process and deliver significantly greater volumes to achieve the Group’s medium term objectives.
A Final Dividend of 0.25 pence making a Total Dividend of 0.35 pence for 2023 is recommended by the Board at the AGM.
The Board would like to thank all Management and Staff, Customers, Suppliers and Shareholders for their ongoing contribution and support to the development of Likewise Group.
