3rd Aug 2023 13:39
CMO Group PLC - Plymouth, based online building materials retailer - Says it expects revenue in the six months ended June 30 to be around GBP36.9 million, down 12% from GBP41.9 million the year before. The company says that the economic situation "remains challenging" and consumer confidence is low. CMO says net cash at the end of the first half was GBP1.0 million, down 63% from GBP2.7 million at the same time a year prior. Earnings before interest, tax, depreciation and amortization is expected to be around GBP2.5 million in the half, in line with expectations, and up 92% from GBP1.3 million the year before. Sales expected to fall to an estimated GBP80.0 million.
Chief Executive Officer Dean Murray says: "We have seen good progress on the strategic objectives and actions for 2023 outlined at the last results, which are delivering improved margins and, combined with overhead efficiencies, are expected to deliver improving profitability in the second half and full year results in line with our expectations."
Current stock price: 22.80 pence, up 1.3%
12-month change: down 25%
By Will Neill, Alliance News reporter
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