REG - CMO Group PLC - Year-end trading update and financing Update

CMOAnnouncement

10/01/2025 13:15

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RNS Number : 9490S  CMO Group PLC  10 January 2025

10 January 2025

CMO Group PLC

("CMO" or "the Group")

Year-end trading update and financing Update

 

 

CMO Group PLC ("CMO" or the "Group"), the UK's largest online-only retailer
of building materials, today announces an update on its year end trading and
its latest financing arrangements.

 

Year-end trading update

 

On 29 November 2024, CMO announced a trading update as well as guidance that
net debt at the end of November was expected to be £5m and that the Group
continued to maintain a strong focus on cash, managing its cost base and
working capital carefully.

 

The board expects to report FY24 results of Adjusted EBITDA to be
approximately £0.5m (FY 2023:  £0.9m) and Group net debt as at 31
December 2024 is expected to be £5m (FY 2023 : £0.6m).

 

Bank Facilities and Funding Position

 

The directors have been actively engaged with the Group's lending bank which
remains fully supportive.  The Group can continue to work within its existing
facilities and the bank has provided additional flexibility to provide the
Group the liquidity to meet its current working capital requirements.

 

The bank has stated its intention to continue to support the Group through the
ongoing provision of its current debt facilities which are committed to June
2027. The directors are also in discussions with the bank about further
flexibility to allow the full use of existing facilities which will provide
sufficient working capital for the next 12 months. This process is expected to
take around a month to complete.

 

The directors have discussed the potential of an equity fundraise with major
shareholders and other investors in recent weeks and have received indicative
levels of support.

 

A further announcement will be made as soon as appropriate.

 

Enquiries

 CMO Group PLC                                             Via Instinctif
 Dean Murray, CEO
 Jonathan Lamb, CFO

 Panmure Liberum Limited (Nominated Adviser & Broker)      Tel: +44 20 3100 2000
 Andrew Godber
 Rupert Dearden
 Satbir Kler
 Ailsa Macmaster

 Instinctif Partners (Financial PR)                        Tel: +44 20 7457 2020
 Justine Warren
 Matthew Smallwood
 Hannah Scott

 

 

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication
of this announcement, this information is now considered to be in the public
domain. The person responsible for arranging for the release of this
announcement on behalf of the Company is Jonathan Lamb, Chief Financial
Officer.

 

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