Inside information, profit warning: Kamux lowers its outlook for the year 2024

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Oct 14, 2024, 10:21 ET

Kamux Corporation, Inside information, 14.10.2024 at 17:00

HÄMEENLINNA, Finland, Oct. 14, 2024 /PRNewswire/ --

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

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