6th May 2022 10:07
(Alliance News) - CMO Group PLC on Friday reported a widened pretax loss for 2021 as administrative expenses rose.
CMO is an online-only building materials retailer. It listed on AIM in London back in July of last year.
Pretax loss widened to GBP4.4 million from 390,205 in 2020, even as revenue rose by 46% to USD76.3 million from USD52.4 million.
Administrative expenses doubled to USD13.9 million from USD6.7 million. The firm also took one-off AIM listing costs of GBP1.8 million for 2021. It also posted GBP2.9 million in remuneration costs, up from GBP597,097 in 2020.
In the quarter that ended March 31, trading remained strong despite difficulties such as fuel inflation, the war in Ukraine, and the Covid-19 pandemic, CMO said. Total quarterly sales grew by 13% as like-for-like sales increase by 3%, excluding carriages.
"The board is confident that CMO will deliver continued growth in the year to come," the Plymouth-based company added.
CMO shares were 0.8% lower at 126.50 pence each in London on Friday morning. The stock debuted last year at 132p.
By Tom Budszus; [email protected]
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