Motorpoint Group, the Derby-based vehicle retailer, has reported record first half revenues and a drop in pre-tax profit in unaudited interim results for the six months ended 30 September 2022 (H1 FY23).
Revenue increased to a record £786.7m, up 30% from £605.2m in the same period of last year, helped by market share growth, vehicle mix and price inflation. It marks progress as the company looks to grow revenues to £2bn.
Profit before tax meanwhile slipped from £13.5m to £3m, which the firm said reflects increased investment relating to delivery of strategic objectives and to maintain a market leading price position, against record margins experienced in H1 FY22.
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “I am pleased with the progress the group has made during the period, delivering record first half revenues, whilst executing on our investment strategy for growth despite increasingly difficult macroeconomic conditions.
“Providing our customers with the best omnichannel car purchasing experience is integral to what we do, and we believe this can be achieved through investment in both physical branches and technology. The ongoing success of our investment during the period is reflected in our increased market share of the 0-4 year old market and improved efficiencies across the business.
“We believe that Motorpoint is the best operator in the UK’s used car market. It has proven its ability to grow profitably over its 25 year history and right now there is a significant opportunity for the business to grow its market share whilst remaining profitable.
“As a result, in line with previous guidance, profitability levels will be lower as we continue to invest in our strategic agenda. The investments made now will enable Motorpoint to emerge from the current macro environment in a stronger position as we seek to deliver sustained shareholder value.”
