Business
Trading Update & Notice of Results
Trading Update & Notice of Results.
About this update from Likewise Group Plc
[{"type":"text","content":"\n \n \n \n 4 April 2023\n \n \n \n \n \n \n \n \n \n \n Likewise Group plc\n \n \n \n \n \n \n \n \n \n (\n \n \n \"Likewise\", the \"Company\" or the \"\n \n \n Group\n \n \n \"\n \n \n )\n \n \n \n \n \n \n \n \n \n Q1 2023 Trading Update & Notice of Results\n \n \n \n Likewise Group plc (AIM:LIKE), the fast growing UK floor coverings distributor, is pleased to announce that Group Revenue in Q1 2023 increased by 19.7% against the corresponding period last year. Revenue in the Likewise Branded businesses has grown by 25.7%, reflecting a continually improving return on the investment in the sales infrastructure.\n \n \n Following research by Business Insider Magazine, Likewise was announced as the fastest growing business based in the Midlands over the last three years culminating in 2021. In 2022 the Group grew by a further 104%.\n \n \n Over the last two years the Group has made significant progress in developing a comprehensive Logistics Infrastructure. In January 2021 the 80,000 square feet Distribution Hub was opened in Leeds, followed in H2 2021 with establishing the 57,000 square feet high bay Birmingham Distribution Hub, which became operational in 2022.\n \n \n In January 2022 the Newcastle business moved into a much improved Logistics Centre. The Newbury Logistics Centre opened in July 2022 enabling the Group to develop business with customers in the South of England.\n \n \n The Logistics Infrastructure continues to develop with the Likewise London business and Floors by Lewis Abbott completing their move to Sidcup in January 2023, providing much improved service to customers in the South East of England.\n \n \n The Group now has possession of the 47,000 square feet high bay Distribution Centre in Glasgow. Racking systems and a Cutting Table are currently being installed and this facility will become operational during Spring 2023 which will allow the business in Scotland to significantly enlarge and also provide additional stocking capacity to support the Likewise Logistics Network in England and Wales.\n \n \n Focus continues to be on relocating A&A in Manchester. Whilst this has been ongoing for some time we are optimistic of an imminent solution. This is the final piece in this stage of the Group's Logistics development.\n \n \n Valley Wholesale Carpets Limited (\"Valley\"), acqui...