Construction News

Sun July 03 2022

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E-merchant posts £4m loss

6 May CMO Group, an online retailer of building materials, grew its revenues by 46% to £76m last year, thanks in part to acquisitions, but continues to be loss-making.

CMO sites include Roofing Superstore
CMO sites include Roofing Superstore

CMO made an operating loss of £3.3m for the year to 31st December 2021 as its administrative expenses more than doubled, and a pre-tax loss of £4.4m.

 CMO (originally Construction Materials Online) has never actually made a profit.

The 2021 numbers include Total Tiles, acquired at the end of 2020, and three months of trading by JTM Plumbing, added on 30th September 2021.

CMO's trading websites saw like-for-like growth of 12% on 2020 (and 30% on 2019).

Key Capital Partners (KCP) took majority ownership of CMO in 2017 from founders Mark Tasker, Gary Tasker, Rob Kavanagh and Brian Field and floated it on the Alternative Investment Market (AIM) of the London Stock Exchange last year.

Chief executive Dean Murray said that the 2021 results were in line with expectations set at the time of the company's initial public offering.

“Our market share is increasing, and we are poised to benefit from the coming generation of technology and time savvy tradesmen and homeowners who are looking for a different experience from that provided by the bricks and mortar merchants,” he said.

The number of active customers buying from CMO sites increased to 182,000 in 2021, up from 127,000 in 2020.  The average order value grew by 10% to £274.

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