Shares in flooring distributor Likewise Group PLC (AIM:LIKE) ramped up 11% to 22.2p after it reported an upbeat year-end update.
Gross sales revenue increased 13.6% to £140.2 million in the calendar year and is ahead of current market expectations, it said, with underlying profitability expected to be in line with market forecasts.
The company said it remains confident of achieving the current market expectations for 2024, too.
It aims to gain market share, helped by investment in distribution centres in different corners of the UK, with profitability improving via operational gearing.
Sales in Likewise Floors increased 29.1% in the year and Likewise said the most encouraging factor during the high sales volume in November and early December “was the ability of the logistics infrastructure that has been developed over the last three years being able to efficiently process and deliver the additional demand”.
Chief executive 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.”
Having floated in August 2021, he said the group has “come a long way”.