Lower demand and a consumer shift towards focusing on smaller lower cost projects saw CMO Group, which operates a number of online stores, lower its profit guidance for the year ended 31st December 2023.
Discretionary spend on DIY and home improvement projects had been impacted across the home improvements and DIY sector across the year as consumers grappled with economic pressures, but this is widely expected to ease during 2024.
Plymouth headquartered CMO Group says that its total sales for the year are expected to come in at c.£71.5 million with adjusted EBITDA of c.£1 million – this compares with the £83.1 million revenue and £2.1 million achieved for 2022.
Dean Murray, CEO of CMO Group, commented: “We are continuing to deliver on our strategy to disrupt the traditional market and our strategic priorities. Our success in launching vertically integrated websites, most recently landscapingsuperstore.co.uk, continues to drive penetration and takes advantage of our differentiated proposition with unrivalled breadth of product range, supported by excellent customer service.”
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