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(Sharecast News) - Flooring distributor Likewise Group said on Tuesday that first-quarter revenues had risen 19.7% year-on-year, driven by a strong performance in its branded businesses.
Likewise stated branded business revenues were up 25.7% year-on-year, reflecting a "continually improving" return on its investment in sales infrastructure.
The AIM-listed group noted that it has created logistics capability to double its current cutting capacity for carpet, residential vinyl, and artificial grass, consistent with its aspirations to build a business with revenues "well in excess" of £200.0m in the medium term.
Likewise also highlighted its "strong balance sheet", with net assets of roughly £40.0m, including freehold property of £21.4m, and said it was "inherently cash generative", which it thinks will accelerate as the speed of investment reduces from 2024.
Looking forward, Likewise stated that whilst the first three months can only ever provide a "limited indication of the year as a whole", early trends were positive and that it was "confident" in meeting market expectations for 2023.
Chief executive Tony Brewer said: "Q1 has been positive and the group will continue to take market share in existing geographical regions notwithstanding the huge opportunity as the group moves into new UK territories."
As of 0915 BST, Likewise shares were up 2.44% at 21.0p.
Reporting by Iain Gilbert at Sharecast.com
