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CMO Group warns on FY profits amid 'economic challenges'
(Sharecast News) - Online building materials retailer CMO Group warned on Monday that full-year underlying earnings were expected to be "below previous guidance". CMO Group said recent "economic challenges" had impacted the construction industry, particularly discretionary spend within the repair, maintenance, and improvement sector.
"Whilst we have seen demand remain resilient, consumers shifted towards smaller projects driving, in a break from previous seasonal trends, lower than normal average orders values in the latter part of 2023, following the improving trajectory seen in Q3," it noted.
As a result, the AIM-listed firm said total annual sales were expected to be down from £83.1m in 2022 to £71.5m in 2023, while full-year adjusted EBITDA was pegged to be roughly £1.0m, below previous guidance and last year's £2.1m figure.
Chief executive Dean Murray said: "With macro-economic headwinds continuing to impact the construction sector we proceed with caution for the outlook for FY24, but remain confident in our model and strategy to take the business forward, and our ability to deliver profitable progress."
As of 0825 GMT, CMO shares were down 10.36% at 24.65p.
Reporting by Iain Gilbert at Sharecast.com
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