Online building materials retailer CMO Group has reported that revenues were up 57% on a four-year view.
The Plymouth-headquartered business, said in a trading update for the half year to June 30, that it had made "good progress". The firm reported that sales during the period of £36.9m represent a one year like-for-like decline of 12% but is 15% up on pre-Covid like-for-like.
Across the business CMO added that it saw a "robustness" in its trade customers with improved KPI's in revenue per session and the number of repeat customers up 21 %.
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The AIM-listed firm said in May it expected the economic situation to "remain challenging" and so laid out key strategic priorities for the year. These included cost reductions, improve margins, address carriage costs and adapt to current slower sales growth.
CMO said it is "pleased to report on good progress" and despite the ongoing market uncertainty, the board expects its earnings before interest, taxes, depreciation, and amortization to be in line with market expectations for the year of £2.5m, "albeit with sales lower at £80m".
Dean Murray, chief executive of CMO Group PLC, said: "We continue to forge ahead with our strategy to disrupt and build market share in the Building Materials market. The full integration of our two most recent acquisitions into PLUMBING SUPERSTORE and the launch of the GOOD BUILD SUPERSTORE mark further, great progress in our mission to provide our customers with everything they need to build or maintain a home, and I look forward to the launch of another exciting, specialised superstore in the coming months.
"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."
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