Flooring distributor Likewise has seen sales growth continue through the summer and into September.
‘The positive sales revenue trend has continued through July, August and September which positions the group well for the traditionally busy Autumn trading in Q4. Activity has increased on new products which has significantly improved the market presence of our various businesses in particularly to flooring retailers but also contractors, cumulating in the number of active accounts increasing each month,’ it says.
It comes after sales grew by 108% to 58.4% in the six months 30 June, fuelled by last year’s acquisitions. Valley Wholesale Carpets generated £20.8m alone. Excluding acquisitions sales rose by 27% to £35.8m.
Pre-tax profits dropped from £302,000 to £85,000.
The group says it has invested in accelerating its growth including additional delivery trucks, material handling and cutting equipment, plus increased stock holding, ‘to strengthen the medium-term opportunities.’
‘Likewise has made considerable progress in the past two years. The acquisition of Valley was a particularly important step. The increase in net assets and subsequently solid balance sheet provides the group with strong foundations for the future. With the extensive logistics, sales and marketing investment we are confident in progressively building a substantial and profitable floorcovering distribution business,’ says Tony Brewer, Likewise chief executive.
