Flooring distributor Floorwise has seen annual sales top £150m for the first time.
Sales for 2024 rose by 7.5% to £150.8m.
Tony Brewer, chief executive of Likewise, said: “
‘Following four years of developing the group’s sales and operational infrastructure, we have stepped up to a new level of performance in the second half of 2024. With significant new product launches in the final quarter of 2024, and more planned for the first two quarters this year, the group is well placed to continue the exponential sales increase into 2025,’ says Tony Brewer, Likewise chief executive.
‘We have excellent teams of people throughout our businesses, in product, sales and marketing, warehouse and transport, to capitalise on the significant opportunities before us. We are absolutely on the correct course to build a really meaningful flooring distribution business in the UK.’
Sales of Likewise Floors product rose by 15.5% and the group says it is on track to meet profit expectations.
Sales rose by 10.2% in the fourth quarter of 2024.
The group has plans to boost capacity by more the than a third this year, with investments in Glasgow, Derby and Newport. It is in the process of buying the freehold of a logistics centre near Plymouth from existing cash resources. This will allow Likewise Floors and Valley the opportunity to develop business with customers in the South West of England and completes the logistics network to service the whole of the UK.
Planning permission has been applied for to extend the freehold distribution centre in Newport. It is expected this construction will be completed during 2025 which will meaningfully contribute to the increase to the group’s overall capacity.
The group is also looking to complete its first share buyback, allocating £200,000.
