Likewise Group PLC AGM Statement, Trading Update & Notice of Results (7847Q)
June 30 2022 - 2:18AM
UK Regulatory
TIDMLIKE
RNS Number : 7847Q
Likewise Group PLC
30 June 2022
30 June 2022
Likewise Group plc
( "Likewise", the "Company" or the " Group " )
AGM Statement, Pre-Close Trading Update and Notice of
Results
Likewise Group plc (AIM:LIKE), the fast growing UK floor
coverings distributor, is pleased to be holding its first Annual
General Meeting ("AGM") today since listing on AIM in August
2021.
At the meeting, Tony Brewer, Chief Executive of Likewise, will
provide the following update to shareholders.
AGM Statement and Pre-Close Trading Update
Whilst the general economic position and weakness in consumer
spending is well publicised, Sales Revenue in the 6 months to 30
June 2022 will be GBP57.8 million, an increase of 106.1% over the
corresponding period last year.
Organic Sales Revenue growth of businesses owned in the same
period in 2021 is 27.3%. This has been achieved through the clearly
defined strategy of investment in established Sales Representatives
combined with multiple Sales and Marketing initiatives.
This activity will be further accelerated in Q3 2022 with
extensive New Product launches and additional Point of Sale
Displays planned to take advantage of the traditionally busier
trading period in the Autumn.
We are extremely pleased with the development of the Likewise
Trade Brand as demonstrated by the 27.3% sales increase. The
acquisition of Valley Wholesale Carpets ("Valley") in January 2022
was a particularly important strategic step for Likewise. Valley
will continue to be an autonomous business and is trading in line
with our original expectations. The acquisition of Delta Carpets in
April 2022 confirmed the Group's intention to bring bolt on
opportunities into the infrastructure being established.
To support the Sales and Marketing activity the Distribution
Network continues to be developed. Construction is underway in
Glasgow for a new 1.86 million cubic feet Distribution Centre which
will be operational in Q1 2023. The search is progressing to
relocate A&A in Manchester. Productivity continues to increase
ahead of plan in Birmingham and Newbury is now servicing parts of
the South of England. Agreement has been reached to relocate
Likewise London into new premises to provide an improved service to
customers in London and the South East.
The extension to the Derby Freehold Distribution Centre has
commenced and the currently unused Newport Facility will be
operational during Q3 2022 to allow Valley to supply new customers
in South West England and South Wales.
All of these developments culminate in enlarging the Logistics
Capacity to over 15 million cubic feet compared to 8 million cubic
feet in 2021 and provide the Group with a comprehensive geographic
reach and capacity to achieve its medium-term objectives.
The Group's various businesses issued new Price Lists to
customers in May 2022 to reflect increased cost prices from
manufacturers. Whilst having to absorb higher energy, fuel and
packaging costs the Group is on target to achieve the management
expectations for the year and more importantly establish the
foundations to create a substantial Floorcovering Distribution
business in the medium to long term.
Likewise is confident in continuing to increase market share
through extensive product launches supported by additional Sales
and Marketing activity with the focus on increasing profitability
and subsequent reinvestment to further strengthen the business for
the benefit of all suppliers, customers, employees and
shareholders.
Notice of Results
The Group will be announcing its interim results for the six
month period ended 30 June 2022 on 26 September 2022.
For further information, please contact:
Likewise Group plc Tel: 0121 817
Tony Brewer, Chief Executive 2900
Roy Povey, Chief Financial Officer
Zeus (Nominated Adviser & Joint Broker) Tel: 0203 829
Jordan Warburton / David Foreman / James Edis 5000
(Investment Banking)
Dominic King (Corporate Broking)
Ravenscroft Consultancy & Listing Services Limited Tel: 01481 732746
(Joint Broker)
Semelia Hamon (Corporate Finance)
Novella Communications (Financial PR) Tel: 0203 151
Claire de Groot / Tim Robertson 7008
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END
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