CMO Group PLC on Friday reported a widened pretax loss for 2021 as administrative expenses rose.

CMO is an online-only building materials retailer. It listed on AIM in London back in July of last year.

Pretax loss widened to £4.4 million from 390,205 in 2020, even as revenue rose by 46% to $76.3 million from $52.4 million.

Administrative expenses doubled to $13.9 million from $6.7 million. The firm also took one-off AIM listing costs of £1.8 million for 2021. It also posted £2.9 million in remuneration costs, up from £597,097 in 2020.

In the quarter that ended March 31, trading remained strong despite difficulties such as fuel inflation, the war in Ukraine, and the Covid-19 pandemic, CMO said. Total quarterly sales grew by 13% as like-for-like sales increase by 3%, excluding carriages.

‘The board is confident that CMO will deliver continued growth in the year to come,’ the Plymouth-based company added.

CMO shares were 0.8% lower at 126.50 pence each in London on Friday morning. The stock debuted last year at 132p.

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