Kamux hits record low after another guidance cut

Kamux Oyj

30/12/2022 10:14

** Shares in Kamux  KAMUX.HE  plummet 15% to their lowest
ever after the Finnish used car retailer cut its 2022 outlook,
citing weaker-than-expected sales and margin in Q4
    ** The company now sees its revenue to be of over EUR 950
mln ($1.01 bln), adj. oper profit to be of around EUR 16-20 mln
    ** Kamux downgraded its guidance several times this year,
most recently in November when it adjusted its underlying profit
forecast to EUR 23-26 mln
    ** It said demand for used cars contracted much more than
expected in all of its operating countries (Finland, Sweden,
Germany) in Q4 as consumer confidence, hit by the war in Ukraine
and its effects, continued to weaken
    ** Including today's fall, the stock has dropped by 61.5%
year-to-date
    ** Kamux share price has dipped about 319% since reaching
its highest last year, to EUR 4.33 from EUR 18.03 on Oct. 8,
2021
($1 = 0.9385 euros)
 (Reporting by Louise Breusch Rasmussen)
 ((Louisebreusch.rasmussen@thomsonreuters.com))