By London-based floor-coverings distributor, Likewise Group, has announced that it is on track to meet market expectations for underlying profit and surpass revenue forecasts for the year. Despite facing macroeconomic headwinds and challenging business conditions, the company reported a significant increase in gross sales revenue for 2023. Sales in Likewise Floors, one of their flagship products, witnessed a notable growth of 29%.
While the company did not provide a specific forecast for underlying profit, a FactSet consensus suggests a slight drop in pre-tax profit from GBP2.6 million to GBP2.5 million compared to the previous year. Nevertheless, Likewise Group remains confident in its ability to meet market expectations for the upcoming year.
One of the key factors contributing to the company’s success has been the development of its logistics infrastructure. This enhancement has enabled the business to efficiently process and deliver on the rising demand, resulting in improved sales activity. Chief Executive Tony Brewer expressed his satisfaction, stating, “The ability and commitment of our people combined with the infrastructure coping with ever-increasing volumes demonstrates the ability of the business to surpass its medium-term objectives.”
Likewise Group’s strong performance in the face of challenging market conditions showcases its resilience and strategic capabilities. With a promising outlook for the future, the company is set to maintain its position as a leading player in the floor-coverings industry.
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