Tuesday, August 16, 2022

Motorpoint reports record revenue

Motorpoint Group, the Derby-headquartered omnichannel vehicle retailer, has reported record revenue in its final results for the year ended 31 March 2022 (FY22).

Revenue increased 83.3% to £1.32bn (FY21: £721.4m), which it says is due to a combination of market share growth and vehicle price inflation.

Profit before tax meanwhile increased 121.6% to £21.5m, up from £9.7m in the prior year, despite ongoing investment in technology, people and marketing.

Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “Motorpoint is a unique business with world class capabilities and knowledge in the used car ecosystem. We have always successfully adapted our business to meet every challenge and remain profitable since our inception 24 years ago. I am extremely pleased with the progress we have made on our medium term strategic objectives and am convinced Motorpoint will be a winner in these rapidly evolving markets.

“We are building a market leader with a disciplined operating culture, and we are confident in the plan we laid out a year ago. Despite the ongoing uncertainty, we will continue to invest in our business with the consumer front of mind, in order to realise our long term ambition of increased market share through price leadership, while remaining profitable.

“Our team continue to inspire me with their passion for our business and our customers and I’d like to thank them for building such an impressive business. We have achieved significant growth and market share gains in the year; our price leadership, strong customer service and focus on maintaining a highly engaged team will continue to substantially grow the business in the years ahead.”

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