Likewise Group plc (LON:LIKE), provided an update for the 11-months to 30 November 2023. It said it remained on track to achieve current market expectations for the financial year ending 31 December 2023. Likewise reported a year-on-year increase in revenue of 13.3%, including a record £14.0m in November. It was notable that this increase was predominantly driven by increased volume rather than price inflation.
The Group continues to invest in Logistics, Sales Teams and Point of Sale to expand its geographical coverage and presence with existing customers and the Group’s medium term ambition is to exceed £200m annual sales revenue.
WHIreland analyst John Cummins said in his recent note that the update was ‘highly encouraging against what remains a challenging market backdrop’. He added ‘this level of growth undoubtedly represents meaningful market share gains for Likewise – testament to the effective operational and sales platform now in place, as well as excellent relationships with suppliers and independent retailers.’ WHIreland retains its fair value at 30p, providing c.80% upside to levels.
Likewise Group PLC (LON:LIKE) is a distributor of floorcoverings and matting and has the opportunity to consolidate the domestic and commercial floorcovering markets to become one of the UK’s largest distributors in this sector.
