Plymouth-headquartered CMO Group, which operates several construction and DIY online stores, has posted difficult preliminary results for the year ending December 31st, ’23.
Revenues fell from £83.1m to £71.5m, with a pre-tax loss of £2.3m, compared to a £200k profit for the prior year.
CEO Dean Muray said that 2023 had been a difficult year for all businesses allied to the housing sector. “However, whilst CMO is not immune to this, we have focused our energies on profitable sales and becoming a better, more efficient business which is primed to take advantage of improvements in market conditions when they materialise which we have seen signs of recently.
“We have a proven business model and continue to deliver on the strategic roadmap set out at the time of our IPO. We remain focused on successfully navigating what we expect to be another challenging year, but one that is beginning to show some signs of improvement. If that continues, we will benefit and return to growing our sustainable and profitable business.”
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