Motorpoint Group, the independent omnichannel vehicle retailer, has hailed a record year for revenue.
In an update on the Derby-based firm’s trading performance for the year ended 31 March 2023, the business indicated revenue of almost £1.44bn, up 9% and helped by vehicle mix and price inflation.
Profit before tax, meanwhile, is expected to broadly break even.
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “Whilst the impact of higher interest rates and inflation will continue into FY24, new car registrations rose 18% in March, with the fleet market driving this eighth consecutive month of growth, which will in turn benefit used vehicle supply.
“This, coupled with continued market share gains and progress on our key initiatives, will enable Motorpoint to emerge from the current environment a highly profitable market leader.”
The news follows Motorpoint’s appointment of Tom Tang as chief technology officer in March. Tom has over 20 years of experience in technology leadership and has led technology organisations with his recent roles as CIO, Alliant Energy, CTO – Customer Experience, Sainsbury’s and CIO, Argos. Tom is an advocate of the benefits of AI capabilities which benefit the customer and employee, advancing the goals of the business.
