(Alliance News) - Likewise Group PLC shares jumped on Thursday, following the announcement of promising quarterly sales figures.
Shares in the Birmingham, England-based domestic and commercial floor coverings distributor were up 12% at 22.44 pence each in London at midday on Thursday.
This came after Likewise reported a jump in revenue to GBP140.2 million for the 2023 full year, up 14% year-on-year.
Sales also increased 29% in spite of "macroeconomic headwinds and subsequent challenging market conditions", the group said.
Especially strong sales volumes were reported for November and early December, averaging GBP660,638 per day for Likewise, which the group credits to heavy investments in point of sale displays and sampling.
Likewise said revenue for the full year is ahead of market expectations, while underlying profit is expected to remain in line.
The group said it plans to capitalise on several expansion opportunities in 2024.
Likewise London will increase its sales management and infrastructure, while Likewise South will develop businesses to reach customers in Bristol and the south-west of England.
Likewise said it will also mark the launch of Likewise Wales in January 2024, which will operate from the Newport distribution centre.
Increased capacity at Likewise Scotland will allow for increased storage and processing, further expanding the group's nationwide presence.
Likewise Chief Executive Officer Tony Brewer said: "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."
"We look forward to a positive and exciting future as the group capitalises on the many opportunities for the benefit of all our employees, suppliers, customers and shareholders", he added.
By Hugh Cameron, Alliance News reporter
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