Motorpoint Group has revealed new strategic objectives following final results for the year ended 31 March 2021, in which revenue and profit declined.
The Derby-based vehicle retailer achieved revenue of £721.4m, down 29.1% from the year prior, which it said was “a consequence of the COVID-19 pandemic and Government imposed lockdowns.”
The company meanwhile reported a pre-tax profit of £9.7m, down from £18.8m.
The group now has plans to significantly increase its rate of growth, with the aim of at least doubling revenue to over £2bn in the medium term.
Motorpoint is looking to grow its E-commerce revenue to over £1bn by substantially increasing investment in marketing, technology and data, open 12 new sales and collection branches to service revenue growth, increasing investment in the customer proposition, and expanding supply channels, leverage its E-commerce Auction4Cars.com platform to accommodate new supply channels and to launch its marketplace offering, and increase operational efficiency through further automation and technology investment as customers migrate to E-commerce channels.
Mark Carpenter, CEO of Motorpoint, said: “I am delighted with our performance in the year given the external challenges faced as we have transformed our capability by continuing to invest in our E-commerce execution.
“We now have a fully scaled Home Delivery service, an integrated, end-to-end digital customer journey, additional capacity to grow through our increased preparation and branch presence, and an ambitious growth strategy to more than double revenue and profit in the medium term through increased investment in technology, marketing, data and talent.
“At the heart of Motorpoint is our team and culture and I am proud that this was recognised with our record employee engagement score and our record NPS of 83 during exceptional circumstances in the year. I would like to thank all our employees for their contribution; their passion, agility and determination to win is inspiring.
“Motorpoint is already well advanced on its journey to become the dominant E-commerce led omnichannel used car retailer in the UK with an unrivalled consumer offering in the nearly new market, coupled with a digital-led auction channel with huge potential. We will continue investing in the business to achieve our medium term goal of at least doubling revenue and growing E-commerce revenue to over £1bn.
“I believe Motorpoint is the best in class in the nearly new car market with leading national brand awareness metrics, an unrivalled heritage, enhanced digital presence and expertise that will ensure we continue to strengthen our competitive position. We now have an opportunity to grow rapidly as we continue our transformation into an E-commerce led business with huge potential.”