CMO Group swings to annual profit as revenue jumps

(Alliance News) - CMO Group PLC on Friday reported a swing to profit for 2022 and said trading in the the first quarter of 2023 remains in line with guidance.

The online building materials retailer, based in Plymouth, England, said revenue for 2022 was GBP83.1 million, up 8.8% from GBP76.3 million in 2021.

It swung to a pretax profit of GBP175,027 from a loss of GBP4.4 million, as finance expenses reduced to GBP453,217 from GBP1.2 million a year earlier.

CMO said it outperformed the 6.9% increase in the UK builders merchant market in 2022 by 48%.

Chief Executive Officer Dean Murray said: "Despite the macroeconomic challenges in 2022, CMO continued to grow sales, while also generating more repeat sales and increased average order values, further validating its model and continuing to disrupt the largely traditional builders merchant market."

Looking ahead, CMO said it remains confident that CMO will create a "sustainable and profitable, long-term future".

It added that trading in the first quarter of 2023 is in line with expectations.

Shares were down 1.4% at 21.20 pence each on Friday morning in London.

By Xindi Wei, Alliance News reporter

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