REG - Likewise Group PLC - AGM Statement

LikewiseAnnouncement

19/06/2024 07:00

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RNS Number : 9580S  Likewise Group PLC  19 June 2024

19 June 2024

 

 

Likewise Group plc

 

("Likewise" or the "Group")

 

AGM Statement

 

Likewise Group plc (AIM:LIKE), the fast growing UK floor coverings
distributor, is holding its Annual General Meeting ("AGM") tomorrow morning
and will announce further positive progress as the Group continues to gain
market share.

 

At the meeting, Tony Brewer, Chief Executive of Likewise, will provide the
following update to shareholders.

 

AGM Statement

 

Overall Gross Sales Revenue has increased by 8.5% in the first six months to
18 June 2024 with Sales in the Likewise Branded businesses increasing by 14.6%
and individually Likewise Floors alone, increasing by 19.7% compared to the
corresponding period in 2023.

 

Whilst market conditions remain challenging, the Group is confident in further
overall Sales increases in the traditionally busier H2.

 

The Group is committed to investing in Sales and Marketing with an improving
return anticipated in the coming years as we recognise there are many
opportunities before us in the UK flooring market. While the Group incurs
ongoing investment and additional cost in growing revenues, the Board
believes this will ultimately create a much larger business and facilitate the
achievement of the Group's medium term sales and profit objectives.

 

The total Sales Team of 94 Sales Executives are making a particularly
important contribution to the overall performance in both Residential and
Commercial Flooring. The 13 new Sales Executives recruited since November 2023
are all making good progress in developing new regional markets and whilst
their potential is currently unfulfilled, further revenue growth from these
individuals is expected in the second half of the year and beyond.

 

As previously stated, the Group has developed a comprehensive Logistics
Infrastructure through its 11 Distribution and Logistics Centres, which has
created additional capacity to process and deliver significantly greater
volumes to achieve the Group's medium term objectives.

 

A Final Dividend of 0.25 pence making a Total Dividend of 0.35 pence for 2023
is recommended by the Board at the AGM.

 

The Board would like to thank all Management and Staff, Customers, Suppliers
and Shareholders for their ongoing contribution and support to the development
of Likewise Group.

 

 For further information, please contact:
 Likewise Group plc                                                   Tel: +44 (0) 121 817 2900

 Tony Brewer, Chief Executive
 Zeus (Nominated Adviser and Joint Broker)                            Tel: +44 (0) 20 3829 5000

 Jordan Warburton / David Foreman / James Edis (Investment Banking)

 Dominic King (Corporate Broking)
 WH Ireland (Joint Broker)                                            Tel: +44 (0) 20 7220 1666

 Hugh Morgan / Antonio Bossi (Corporate Finance)

 Fraser Marshall / Harry Ansell (Corporate Broking)
 Ravenscroft (Joint Broker)                                           Tel: +44 (0) 1481 732 746

 Semelia Hamon (Corporate Finance)
 Novella Communications (Financial PR)                                Tel: +44 (0) 20 3151 7008

 Claire de Groot / Tim Robertson

 

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