Flooring distributor Likewise swung to a half-year profit after sales climbed by more than half.
A pre-tax loss of £2.4m became a profit of £300,000 as sales grew by £9.6m to £28m in the six months to 30 June.
The company, which recently floated on the Alternative Investment Market, said businesses had performed better than expected.
‘Likewise has developed really well over the last 15 months. We have now established a meaningful business in the UK flooring market and with our excellent operational management and staff have a very exciting future ahead,’ says Tony Brewer, Likewise chief executive.
‘With the uplift in market activity in spring 2021 and the lifting of lockdown restrictions on 12 April, the group continued to outperform management’s expectations delivering consistent profitability throughout the March to June period due to pent-up demand and management’s focus on delivering organic growth in all regions,’ says Roy Povey, Likewise cfo.
‘All of the Likewise businesses established in 2019: Scotland, North East, North and South East are profitable and performing well ahead of our original expectations, despite the uncertain market conditions presented by the ongoing pandemic. The group has employed further sales management and representatives to support these businesses in delivering further organic growth through the establishment of new customer relationships and increase to our geographical presence in these regions.
‘The board is particularly pleased with the development of the Likewise trade brand which is becoming an established player within the floorcoverings market throughout the UK. This is largely as a result of the quality relationships we have been able to build with customers and suppliers alike, largely as a result of the excellent knowledge and experience of our people and the improved service offering we can provide through the progressive growth of the logistics network.’
The company says it intends to pay shareholders a dividend in 2022.
