LONDON - CMO Group (LON:CMOC) PLC, the UK's leading online-only retailer of building materials, has provided an update on its financial performance for the year ending December 31, 2024, and its current financing situation. The Group anticipates reporting an adjusted EBITDA of approximately £0.5 million for FY24, a decrease from £0.9 million in the previous year. The Group's net debt as of December 31, 2024, is expected to be £5 million, compared to £0.6 million at the end of FY 2023.
Despite the increase in net debt, the directors have confirmed that the Group's lending bank remains supportive, allowing CMO to operate within its existing credit facilities. The bank has also provided additional leeway to ensure the Group has the liquidity to cover its working capital needs. The current debt facilities are committed until June 2027, and discussions are underway to enhance flexibility and access to these facilities, ensuring adequate working capital for the forthcoming 12 months. This process is estimated to be completed within a month.
Furthermore, the directors have engaged with major shareholders and other investors regarding a potential equity fundraise and have received indicative support. Details of this potential fundraise will be disclosed in due course.
The information presented in this update is based on a press release statement issued by CMO Group PLC and is now publicly available following regulatory disclosure requirements. The company's financial figures and funding updates are critical insights for investors, as they reflect the company's current financial health and strategic planning to ensure operational continuity. The market will await further announcements from the Group with interest, as they may provide additional details on the equity fundraising efforts and the impact on the company's financial strategy.
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