Saturday, October 24, 2020

Profits set to grow at Motorpoint

Motorpoint Group, the car retailer, has said that profit before tax for the six months to 30 September will be ahead of last year as a result of strong trading after reopening post-lockdown in the UK.

Since the company’s sites reopened in early June, after closing in March, the business noted that “demand levels have exceeded management’s expectations with strong year on year sales growth.”

Further, the group returned to profitability in June, after closing down saw combined losses of £3.4m in April and May.

During lockdown, the company accelerated investment in its digital offering and launched a Home Delivery service. As a result, online sales grew to 36% of sales in the three months to 30 September 2020.

Mark Carpenter, CEO of Motorpoint, said: “I would like to thank all of our people for their hard work and resilience through these unprecedented times.

“The Group has emerged from lockdown in great shape and this is testament to the team and their agility and adaptability in these ever-changing times. Our Home Delivery and Click & Collect offerings continue to gather momentum and I look forward to opening our 14th retail site, in Stockton on Tees, at the end of 2020.

“As a result of the Group’s performance in the three months since our sites reopened, and notwithstanding the potential of future regional or nationwide lockdowns, the Board continues to look to the future with confidence.”

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