Motorpoint Group, the independent omnichannel vehicle retailer, has hailed a strong and profitable Q4 performance in a trading update for the quarter ended 31 March 2024, with retail volume up 9% year on year and continued margin recovery.
As a result, January, February and March were all profitable months.
The Derby-based firm noted that loss before tax for the full year is thus anticipated to be at the “favourable end” of management expectations.
Consumer demand has picked up, the company shared, with Motorpoint benefitting from enhancements made to its digital presence which is generating strong website traffic.
Motorpoint also highlighted a robust balance sheet with no structural debt and £9m of cash.
The business has initiated a share buyback to repurchase and cancel up to 5m shares, with 220,255 repurchased as at 31 March 2024.
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “I am delighted that the difficult conditions experienced in 2023 have eased in Q4 and, combined with our focus on driving operational excellence through a programme we call Brilliant Basics, has meant that Q4 was characterised by consistent profitability.
“We are achieving growth, increasing stock turn and improving margins, and this is expected to continue into FY25 as supply improves following recent new car registration growth. I am therefore optimistic for FY25 and look forward to Motorpoint making the most of the growth opportunities ahead.”
