HELSINKI, Dec. 16, 2020
Kamux Corporation Insider Information 16 December 2020 at 15:10
HELSINKI, Dec. 16, 2020 /PRNewswire/ -- On 20 March, 2020 Kamux published a stock exchange release that the world-wide pandemic and related regulations and restrictions will cause considerable changes in the operating environment of Kamux Corporation ("Company"), and that it is not likely that the Company will be able to reach its medium-term targets this year.
According to the current best estimate, this year the Company will be able to reach its medium-term targets regarding the operating profit margin and get close or to the target regarding the revenue growth. However, there are many factors related to the corona pandemic situation that are difficult to predict and can quickly change the situation in the company's operating countries which may still during the rest of the year affect the specified outlook given in this stock exchange release. On December 16th, an extensive lock-down began in Germany, epidemiological situation in Sweden is difficult and in Finland, the government is weighing the situation and different measures.
"The corona pandemic significantly decreased used car sales in March and April. Sales started to recover in May and it normalized in the summer. However, during this autumn there were still many uncertainties related to the spread of the epidemic. Now towards the end of the year we are able to say that despite the second wave of the pandemic we have been able to do sales thanks to our flexible concept, our ability to react quickly and digital-focused operating model. However, the development of the corona pandemic is difficult to predict, and its effects have reflected especially in company's revenue," Juha Kalliokoski, CEO of Kamux, says.
The Company's medium-term financial targets for 2019-2022 are to increase revenue by over 10% annually and to reach an operating profit margin of at least 4% annually.
"I am extremely proud of our committed employees who have worked purposefully taking care of their own and customers' health in highly exceptional circumstances," CEO Kalliokoski adds.
According to the principles that Company follows, the Company does not provide guidance or estimates. Because of the situation, no changes have been made to the medium-term targets set by the Board of Directors.
On 26th February, Kamux will publish its Financial Statements Bulletin 2020.
In Hämeenlinna, 16 December, 2020
The Board of Directors
Satu Otala, Kamux communications, tel. +358 400 629 337
Kamux Corporation is a retail chain specializing in the sale of used 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 total of 78 car showrooms in Finland, Sweden and Germany. Since its founding, the company has sold approximately 300,000 used cars, 55,432 of which were sold in 2019. Kamux's revenue reached EUR 658.5 million in 2019. In 2019, Kamux's average number of employees was 595 in terms of full-time equivalent employees. The shares of Kamux are listed on the Nasdaq Helsinki stock exchange.
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