Likewise ‘ahead of budget’ but warns on price rises

Likewise has reported positive trading but warned customers that it will increase prices on 1 May.

‘The horrific events in Ukraine are tragic for the people and devastation caused. The inevitable consequences are impacting the cost of our products. These include manufacturers’ energy costs in production, increases to the costs of various raw materials and transportation. The group’s trade brands will issue a new price list on 1 May to reflect cost price increases. It is very difficult to predict the wider economic repercussions of the current macro environment and resulting effect on consumers’ disposable income,’ says Tony Brewer, Likewise chief executive.

The group says trading in the first three months of the year is ahead of internal budgets, while January’s acquisition of Valley is going better than expected.

‘While the first three months can only ever provide limited indication of the year as a whole, early trends are positive, and the board remains confident in meeting market expectations for 2022,’ says Brewer.

‘In the immediate term, Likewise believes it has the supplier and customer relationships, combined with excellent management and staff, to continue to outperform the marketplace. This is consistent with the development of Likewise, particularly over the past two years. While there are short term global and economic issues, the group is confident that establishing the enlarged infrastructure outlined above will allow Likewise to achieve its medium-term objectives and beyond.’

LikewiseSavoie

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