A distributor of floor coverings has hit a sales milestone of more than £150 million and announced a share buyback programme.
Listed Solihull group Likewise posted the record revenue of £150.8 million in its full-year results for 2024, surpassing the £150 million mark for the first time.
The company is also in the process of buying the freehold of a logistics centre near Plymouth and has also announced a share buyback programme of ordinary shares of 1p each to a maximum of £200,000.
Chief executive Tony Brewer said: "Following four years of developing the group's sales and operational infrastructure, we have stepped up to a new level of performance in the second half of 2024.
"With significant new product launches in the final quarter of 2024 and more planned for the first two quarters this year, the group is well placed to continue the exponential sales increase into 2025.
"We have excellent teams of people throughout our businesses, in product, sales and marketing, warehouse and transport, to capitalise on the significant opportunities before us.
"We are absolutely on the correct course to build a really meaningful flooring distribution business in the º£½ÇÊÓƵ.
"While acknowledging they are traditionally the busiest months, group sales increased by 10.2 per cent in the fourth quarter and, if extrapolated, would indicate annualised sales approaching £175 million.
"Importantly, the logistics network created over the last four years was able to process and deliver these volumes, and Likewise has plans to increase capacity in Glasgow, Derby and Newport during 2025 which will create around a further 35 per cent processing capability."
