Kamux Corporation, Inside information, 14.10.2024 at 17:00
Inside information, profit warning: Kamux lowers its outlook for the year 2024
Kamux lowers its outlook for the year 2024 due to significantly lower than
expected sales and the subsequent operating loss in Sweden in the third quarter.
Kamux now expects the adjusted operating profit for 2024 to be EUR 15-17
million. Previously Kamux expected its adjusted operating profit for 2024 to
exceed its 2023 adjusted operating profit, which was EUR 18.0 million.
Rationale for updating the outlook
The corrective actions that are related to the misconduct that was detected in
Sweden in the second half of 2023 have had a bigger than expected impact on
Kamux's sales. In the third quarter of 2024, external revenue in Sweden was
approximately EUR 45 million, when it was EUR 57.3 million in the third quarter
of 2023. Due to the weak sales, adjusted operating profit for the third quarter
in Sweden is significantly negative which has a substantial negative impact on
the Group's adjusted operating profit. Several actions have been taken to
improve productivity and efficiency in Sweden, yet they will have a positive
impact on profitability only in 2025.
New outlook for 2024:
Kamux expects the adjusted operating profit for 2024 to be EUR 15-17 million.
Previous outlook for 2024:
Kamux expects its adjusted operating profit for 2024 to exceed its 2023 adjusted
operating profit, which was EUR 18.0 million.
Kamux publishes the interim report for January-September 2024 on Friday,
November 8, 2024.
For more information:
Tapio Pajuharju, CEO, tel. +358 50 577 4200
Jukka Havia, CFO, tel. +358 50 355 3757
Kamux Corporation
Communications
Kamux is a retail chain specialized in preowned cars and related integrated
services that has grown rapidly. Kamux combines online shopping with an
extensive showroom network to provide its customers with a great service
experience anytime, anywhere. In addition to digital channels, the company has a
total of 71 car showrooms in Finland, Sweden and Germany. Since its founding in
Hämeenlinna, Finland, in 2003 the company has sold over 500,000 used cars,
68,257 of which were sold in 2023. Kamux's revenue in 2023 was EUR 1,002 million
and its average number of employees was 885 in terms of full-time equivalent
employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more
information, please visit www.kamux.com (https://www.kamux.com/en/)