Friday, August 12, 2022

Record breaking first half for Motorpoint

Motorpoint, the Derby-headquartered vehicle retailer, has witnessed a record breaking first half.

According to unaudited interim results for the six months ended 30 September 2021 (H1 FY22), revenue increased 56.1% to £605.2m, up from £387.7m in the same period last year.

The company said this reflects record performance after reopening, continued strong consumer demand for used vehicles and strong market share gains.

Profit before tax, meanwhile, increased 39.2% to £13.5m from £9.7m, despite the business’s ongoing investment in technology, people and marketing.

Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “The first half of the year marked a record performance for the Group. While we have naturally benefited from favourable market conditions, we have also had to contend with unprecedented vehicle inflation and widely documented shortages in available stock which undoubtedly limited our revenue and profit growth. In the end, it is our market share gains which demonstrate the unique strengths of our model.

“During the period we continued to invest in future growth with strong progress made on our medium term strategic targets as we execute on our goal of at least doubling revenue to over £2bn in the medium term.”

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