LONDON (ShareCast) - (Sharecast News) - Likewise Group reported a 10% increase in total gross sales revenue for the year ended 26 June on Friday, compared to the same period last year, as the floor coverings distributor continued its strong growth trajectory heading towards the end of the first half.
Chief executive Tony Brewer told shareholders at the company's annual general meeting that like-for-like growth was slightly stronger, adjusting for one fewer working day this year.

He said the AIM-traded group was gaining market share despite what remained a subdued trading environment, supported by an expanding presence among flooring retailers and contractors through an increasing number of point-of-sale displays.

The company, which operates under the Likewise Floors and Valley Wholesale Carpets brands, continued to invest in its logistics network to support growing demand.

Additional productivity had been introduced in Glasgow, while capacity expansion at Valley's Derby distribution centre was set to become operational in the third quarter.

Brewer said the group was now consistently delivering improved operational gearing month-on-month, resulting in higher profitability, adding that it remained on track to meet full-year market forecasts.

"It is really encouraging to see the investments made in the last four years really starting to deliver meaningful improvements in sales and subsequent profitability," Brewer said.

"The group continues to make significant progress towards our medium-term objectives of sales revenue well in excess of £200m."

Likewise said it would report its interim results for the six months to 30 June on 9 September.

At 1247 BST, shares in Likewise Group were up 9.09% at 24p.

Reporting by Josh White for Sharecast.com.

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