CMO Group sells building materials online
(Picture: CMO)Online building materials retailer CMO Group expects government moves to address the current shortage of lorry drivers will help the business in the medium term.
The firm, which floated at 132p per share in July, said it has not been immune to supply chain challenges the wider construction products sector is facing.
CMO has taken undertaken ‘self help’ initiatives to help tackle problems, such as expanding warehouse space for storage and increasing the amount of couriers it uses.
It added that recent Government actions, which have included making up to 50,000 more HGV driving tests available each year, “will enable improvements in the medium term, over and above the self-help actions which we are already undertaking”.
CMO said as a result, the board remains confident that trading remains in line with expectations.
It gave the update alongside reporting a 63% rise in first half revenue to £38.2 million. Comparable sales jumped 27%.
Chief executive Dean Murray said: “Our strategy is to take advantage of the channel shift online and low penetration of internet driven sales in an enormous and evolving marketplace.”
