Likewise upbeat on first-quarter sales growth
By Josh White
Date: Monday 07 Apr 2025
(Sharecast News) - Likewise Group reported a 10.7% increase in gross sales revenue for the first quarter of 2025 on Monday, continuing the growth momentum seen in the final months of last year.
The AIM-traded floorcoverings and matting firm said sales in its branded businesses rose by 14.6% year-on-year, driven by continued investment in logistics and sales infrastructure.
It said its first quarter performance built on the 10.2% revenue growth recorded in the fourth quarter of 2024.
Management attributed the positive start to 2025 to the benefits of strategic initiatives rolled out in recent years, particularly the development of a nationwide logistics network designed to support expanded sales and marketing efforts.
Further growth was expected in the coming months through new product launches and an expanded point-of-sale display strategy across both the Likewise and Valley brands.
The group said it was also increasing its operational capacity, with a new freehold logistics facility in Plymouth set to open in May, while additional cutting capability was being installed in Glasgow during April to meet rising demand.
Planning permission was advancing for the extension of the company's Newport site, which was expected to significantly boost processing and cutting capacity from early 2026.
The company said that operational gearing effects, which contributed to higher profitability in the second half of 2024, were expected to strengthen performance in the months ahead, supporting the group's current market forecasts for the year.
"Following a particularly positive autumn 2024, it is really encouraging that the first quarter of 2025 has continued at pace," said chief executive officer Tony Brewer.
"This gives the board every confidence in achieving this year's objectives and more importantly significant further progress towards our medium term aspirations.
"We very much appreciate the contribution from all employees and the support of suppliers, customers and all stakeholders as we continue this exciting journey."
At 0852 BST, shares in Likewise Group were up 2.94% at 17.5p.
Reporting by Josh White for Sharecast.com.
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