Motorpoint posts pre-tax loss as revenue hits new record

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Motorpoint posts pre-tax loss as revenue hits new record
Motorpoint, the omnichannel used vehicle retailer, has slipped to a pre-tax loss despite record revenue, according to final results for the year ended 31 March 2023 (FY23). The UK’s difficult macroeconomic conditions, and their knock-on effect on the used car market, impacted the Derby company’s growth and profitability in the year, particularly in the second half. While revenue increased to £1.4bn from £1.3bn in the prior year, helped by vehicle mix and inflation, Motorpoint posted a loss before tax of £300,000, slipping from a pre-tax profit of £21.5m, influenced by rising financing costs, limited stock availability and the fall in value of electric vehicles, along with increased investment of £6.1m relating to delivery of strategic objectives. Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “Having recently celebrated our 25th anniversary, I have been reflecting on the Group’s performance and our journey to date. FY23 was marked by record revenues and further strategic investments as we endeavour to provide customers across the UK a seamless car buying experience. “This investment is thus far delivering good results and has positioned the Group better for the future. This allows us to pause the level of ongoing investment, given the current consumer and macro environment, while enjoying the efficiencies we have now built into the business and continuing to deliver on our growth strategy within the market constraints. “Whilst the impact of higher interest rates and inflation will continue into FY24, new car registrations have been steadily increasing, with the fleet market driving much of the 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 in a strong position to more aggressively pursue profitable market leadership.”

Rolls-Royce Submarines to expand site in Derby

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Rolls-Royce Submarines to expand site in Derby
Rolls-Royce has revealed plans to almost double the size of its Raynesway site, creating hundreds of new jobs in Derby. Funded by the MoD, the site development is required to meet the growth in demand from the Royal Navy and as a result of the recent AUKUS announcement. In March 2023 it was confirmed that Rolls-Royce Submarines would provide all the nuclear reactor plants that will power new attack submarines as part of the tri-lateral agreement between Australia, the UK and US. This increase in demand will see new manufacturing and office facilities being built on recently acquired land surrounding the existing Raynesway site. It will also create 1,170 skilled roles within Rolls-Royce across a range of disciplines, including manufacturing and engineering.
Rolls-Royce Submarines president Steve Carlier said: “This is a truly exciting time for our business, with work secured that will see us support UK and Australian submarines well into the second half of this century. It will see thousands of jobs created across the UK supply chain, many of which here in Derby, and we’re proud to be playing our part in this international endeavour. “For over 60 years we have provided the power to the Royal Navy’s nuclear submarines and our expansion plans are the first step in helping Australia acquire their own nuclear propulsion attack submarine capability, while showcasing British innovation and expertise on the world stage.”
Minister for Defence Procurement, James Cartlidge, said: “This is a crucial investment and a significant next step in ensuring we have the capacity, skills and nuclear expertise to support the UK’s current and future submarine programmes, including the next-generation nuclear-powered submarines for the UK and Australia through our AUKUS partnership. “Supporting hundreds of high-skilled jobs in Derby, this investment demonstrates this Government’s unwavering commitment to the defence nuclear enterprise and growing the UK economy.”
Rolls-Royce Submarines currently employs more than 4,000 people and designs, manufactures and provides in-service support to the pressurised water reactors that power every boat in the Royal Navy’s submarine fleet. To ensure a steady pipeline of future talent into the industry, last year Rolls-Royce, with investment from the MoD, opened a new Nuclear Skills Academy in Derby. It will provide 200 apprenticeships each year for at least the next decade. This latest announcement comes as outline planning permission is submitted to Derby City Council covering over 100,000 sqm of new floorspace across the Raynesway estate. Rolls-Royce is currently supporting the existing Astute and Dreadnought boat build programmes through the delivery of reactor plant and associated components. Additionally, it provides frontline support across the world for reactor plant equipment from its Operations Centre in Derby and supports the submarines when in the Barrow-in-Furness shipyard and the naval bases at Devonport and Faslane.

Further 150,000 sq ft employment development set for Dove Valley Park

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Further 150,000 sq ft employment development set for Dove Valley Park
Asteer Planning has secured full planning permission for a further 150,000 sq ft employment development at Dove Valley Park, Foston. Dove Valley Park Ltd, a subsidiary of Clowes Developments, has been developing the business park for a number of years and is already home to occupiers including Top Hat, JCB, Müller, Futaba Ltd and GXO. The consented buildings have been designed by IMA Architects to provide the flexibility to meet the needs of a variety of end users, an approach which has been taken by Clowes at other successful schemes throughout the UK. Approval for the development at Plot 3 follows recent approvals for a further speculative employment unit at Plot 2 and groundworks consent to enable Plot 1, which is located within the southern area of Dove Valley Park. Planning permission was also recently granted for two employment buildings at Plot 10 to the south of the A50 which are currently under construction. Alice Routledge at Asteer Planning says: “Dove Valley Park is a great strategic location for business, something which has been recognised by the existing occupiers and the ongoing popularity of the site. This is a fantastic result which means work can get underway on opportunities for new occupiers as soon as possible.” Marc Freeman, director at Clowes Developments, adds: “We’re delighted to achieve consent for further development at the already established and thriving, Dove Valley Park. Site enabling works have commenced and we intend to deliver the first unit consisting of 111,000 sq ft of employment space within the first quarter of 2024.” Jack Mellor, associate at IMA Architects, says: “We are proud to be working on this scheme and looking forward to working with our partners to bring this latest phase of Dove Valley Park to fruition. When completed, the buildings will appeal to a range of businesses and will create further employment for local people in this thriving business park.”

Online electrical retailer hails record full-year revenue and robust profitability

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Online electrical retailer hails record full-year revenue and robust profitability

Marks Electrical Group, the Leicester-based online electrical retailer, has hailed record revenue and robust profitability in its unaudited preliminary results for the year ended 31 March 2023 (FY23).

Full-year revenue hit £97.8m, growing from £80.5m in the year prior, while the firm “maintained market-leading profitability despite external cost headwinds,” resulting in a full year adjusted EBITDA of £7.5m (up from £7.2m last year) and a statutory profit before tax of £6.4m (up from £3.8m last year).

Looking ahead, the company’s start to its next year has been positive, with strong trading momentum in the first two months of FY24, with revenue growth exceeding 30% year-on-year.

Mark Smithson, Chief Executive Officer, said: “We delivered another strong performance over the year, with revenue growth of 21.5%, which was particularly pleasing when compared to a prior year comparative of 44% and a difficult economic backdrop in which both the Major Domestic Appliances and Consumer Electronics markets have declined year-on-year.

“The market share gain we’ve achieved in the online MDA market from 3.5% to 4.7% has been driven by the strength of our high-quality business model, our people and the attractiveness of our market-leading customer offering.

“More customers are discovering Marks Electrical and our focus on stocking the right products, at the right price, with the fastest and most convenient delivery & installation options sets us apart from the competition, enabling us to continue to grow, attract talent, strengthen our operational capacity and further develop our service offerings.

“During the year we were laser-focused on customer service excellence and maintained our market-leading 4.8 Trustpilot score, whilst also developing our new gas, electric and television installation offering to over 65% of the UK on a next-day basis. This market-leading speed of service delivery is seeing very strong demand, and we are excited about its prospects in FY24 and beyond.

“Despite some external cost headwinds in FY23, we were able to continue to achieve a market-leading adjusted EBITDA margin of 7.7%, demonstrating our differentiated operating model and sharp focus on all elements of our value chain, underpinned by our unique and scalable single-site fulfilment and distribution model.

“As we look to FY24, we believe that our current market share continues to provide significant scope and opportunity for growth, regardless of the economic backdrop. We have been pleased to see continued growth of over 30% in April and May and a very strong start to June.

“We are focused on maintaining our performance management discipline on revenue, profit and cash in order continue to demonstrate our superior proposition and become the UK’s leading premium electrical retailer.”

Delivery solutions firm to develop major new East Midlands Regional Hub

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Delivery solutions firm to develop major new East Midlands Regional Hub
DX, a provider of delivery solutions, has revealed proposals to develop a major new Regional Hub in the East Midlands. The proposed new hub, which will include a new depot serving the local area, is expected to cost approximately £12 million, including site acquisition, and will be funded from DX’s existing cash resources. Detailed planning permission has been secured and the acquisition of the site is expected to complete within the next two months. The new hub will be located on a 4.5-acre redevelopment scheme near Nottingham at New Stanton Park Industrial Estate. It will have a 25,000 sq ft footprint and will be developed to service the group’s parcel freight activities. The new hub and depot will provide significant additional regional capacity and improve efficiency by reducing stem mileage. Construction, which will benefit from a raised dock and mechanisation, is expected to be completed during Q2 2024. The new depot will replace an existing freight depot in Nottingham, which will become a dedicated 2-Man supersite. Paul Ibbetson, Chief Executive Officer of DX (Group) plc, said: “The purchase of this site in Nottingham will enable us to create a major new regional hub and depot for our parcel freight operations and is in line with our plans to make strategic property investments. “The investment will increase our capacity, drive efficiency improvements as well as enhance customer service. Further site openings and upgrades are planned as we continue to invest in developing the group’s network in line with our growth plans.”

Leicester and Leicestershire Enterprise Partnership shows support for the East Midlands Bricks Awards 2023

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Leicester and Leicestershire Enterprise Partnership shows support for the East Midlands Bricks Awards 2023
The Leicester and Leicestershire Enterprise Partnership (LLEP) has shown support for Business Link’s East Midlands Bricks Awards 2023, with its co-chair looking forward to seeing which companies and projects are shortlisted. Andy Reed OBE, co-chair of the LLEP, said: “There have been some fantastic examples of commercial and residential construction in Leicester and Leicestershire over the last year, as Mike Denby (Director of Inward Investment and Place Marketing at Leicester City Council) will doubtless touch upon during his keynote address. “In addition, there have been some key sustainable public developments unveiled, including several supported by the LLEP, including St Margaret’s Bus Station in Leicester – the first net zero carbon bus station building in the UK and already winning awards. “It’s good to see such projects being recognised and I look forward to seeing what is shortlisted across the categories.” The East Midlands Bricks Awards celebrates the region’s property and construction industry, its people, and exceptional developments, and provides the perfect occasion to shine a light on your team, reward their hard work, and boost morale. With nominations open until Thursday 31 August, now is the ideal time to enter your (or another) business/development for the awards. To do so – click on a category link below or visit this page.
Award categories include: Winners will be revealed at a glittering awards ceremony on Thursday 28 September, in the Derek Randall Suite at the Trent Bridge Cricket Ground – an evening also offering an opportunity to establish new connections with property and construction professionals from across the region. The event will also feature Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, as keynote speaker. Tickets can now be booked for the awards event, which runs from 4:30pm – 7:30pm – click here to secure yours. Network with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region. Dress code is standard business attire.
  Thanks to our sponsors:                                                             To be held at:

East Midlands unemployment rate drops to 3.4%

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East Midlands unemployment rate drops to 3.4%
The East Midlands’ unemployment rate has dropped once more to 3.4% for the period between February and April 2023, new figures by the Office for National Statistics (ONS) show. It fell from 3.7% in the previous reporting period to March – which had been the highest level in 18 months – while it remains below the UK average of 3.8%. The region’s economic inactivity rate – which measures the number of working-age people who have dropped out of the labour market for reasons such as retirement, caring duties, long-term ill health or studying – increased by one-tenth of a percentage point to 21.5%. East Midlands Chamber Chief Executive Scott Knowles said: “These figures are relatively promising as they suggest the unemployment rate isn’t spiralling upwards after reaching an 18-month peak in the previous set of data. “Despite the economic challenges being faced by businesses, they continue to display great resilience by pursuing growth opportunities and seeking to recruit, with our own research via the Chamber’s Quarterly Economic Survey showing a net 2% growth in the proportion of East Midlands businesses adding to their headcount in the past three months. “However, future recruitment prospects are less optimistic, with a net 6% decline for the next three months. With intentions to invest in training also down, this suggests businesses need support from Government to invest in their people, whether that be in upskilling their existing workforce or reskilling prospective employees to fill skills gaps. “In our Business Manifesto for Growth, we have set out a list of policies we believe will make the required difference, including introducing flexible incentives for businesses that invest in staff training and bringing forward the introduction of the Lifelong Loan Entitlement to support retraining and the retainment of an older workforce. “We must also tailor policies to recognise the diversity of people who are out of work and avoid a one-size-fits-all solution. We would also like to see Government work with businesses to offer support, and share best practice, on what a flexible and inclusive workplace looks like as this is another vital ingredient in enticing people back to work.”

Completion of second High Street Heritage Action Zone for Midlands landscape architect

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Completion of second High Street Heritage Action Zone for Midlands landscape architect

Landscape architecture practice Influence Landscape Planning and Design is celebrating the completion of North Walsham Market Place – its second High Street Heritage Action Zone project.

As part of North Walsham High Street Heritage Action Zone, the completed works have been delivered to improve the balance between pedestrians and vehicles in the North Norfolk town and enable it to embrace its heritage and community. 

Nottinghamshire-based Influence were the public realm lead consultant, project manager and designer of the scheme, which was funded by North Norfolk District Council, Historic England and the New Anglia Local Enterprise Partnership.

The three funding organisations made a collective investment of £2.6m in the placemaking scheme, out of the overall North Walsham High Street Heritage Action Zone budget of £3.8m.

Having previously worked on the urban planning and design of Kettering High Street Heritage Action Zone in 2022, North Walsham is the second High Street Heritage Action Zone Influence have worked on.

In North Walsham, the objective of the works was to regenerate the Market Place, situated within the town’s Conservation Area, to rejuvenate the High Street and increase pedestrian footfall and dwell time.

In addition, a wider investment in the North Norfolk town has delivered a new travel hub, new toilet facilities, new benches, the planting of trees and plants and remedial works to some buildings.

Norfolk County Council managed the placemaking works of the project and Tarmac, a sustainable building materials and construction solutions business, carried out the majority of the construction works.

The completion of the North Walsham High Street Heritage Action Zone was marked last week with an event involving representatives from construction partners, Historic England, North Norfolk District Council and New Anglia Local Enterprise Partnership.

The event involved a tour of the revamped Market Place and other nearby improvements and included speeches from Tony Calladine, East of England Regional Director for Historic England, North Norfolk District Council Chief Executive Steve Blatch and Chris Starkie, CEO of New Anglia Local Enterprise Partnership, followed by a performance from The Orchestra of the Age of Enlightenment and North Walsham High School.

Chartered practice Influence provides expertise in project management, environmental planning, feasibility and concept development, master planning and urban design, landscape design, visual impact assessment, expert witness and arboriculture.

Shona Hatton, associate director at Influence, said: “High Street Heritage Action Zones are such a key part of the future for our towns – especially post the pandemic – and are often driven by a strong local community interest. Revitalising and regenerating our high streets whilst reinstating the heritage roots is critical to their success, now and in the future. 

“North Walsham is a vibrant market town but has been waiting for a long time to bring forward a high street public realm project. The Influence team and I were honoured to have been selected to work on this important project, and are pleased to have supported North Norfolk District Council’s in-house team in its delivery.

“The opening celebration on 11 May demonstrated how public realm improvements can kick start wider renewal of Conservation Areas and The Shambles terraced gardens are an excellent example of how revealing heritage can transform disregarded spaces into places with unique character.

“Our previous experience in the delivery of High Street Heritage Action Zones gave us specialist knowledge and understanding of the challenges and huge opportunities in our high streets – we have used that experience to great effect to reimagine the physical and social environment of North Walsham, to enable it to be a prosperous town where people want to live, work and relax.”

Tony Calladine, East England Regional Director, Historic England, said: “It’s wonderful to see this remarkable transformation in the town, from the visually welcoming area of Church Approach to the huge undertaking of the Market Place renovations.

“Partnership working with North Norfolk District Council and the New Anglia Local Enterprise Partnership has led to some remarkable outcomes, and this work continues with exciting projects to revitalise The Cedars and the former Barclays Bank. North Walsham’s historic character shines through and offers an attractive experience for residents and visitors alike.”

Chris Starkie, CEO, New Anglia Local Enterprise Partnership, said: “North Walsham, like other town centres in our region, serves a substantial hinterland, and making it more pedestrian-friendly and accessible will improve trading conditions and strengthen its economic viability.

“It is crucial that our town and city centres receive the financial support needed in order to thrive, especially after the disruption of recent years, and I’m delighted to see first-hand the enhancements delivered by this project.”

Other members of the North Walsham High Street Heritage Action Zone project team include Gleeds as quantity surveyor, HETA as master planners and consultation, Rees Bolter Architects as heritage consultants and BSP Consulting on highways.

People facing homelessness set to benefit from proposed merger

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People facing homelessness set to benefit from proposed merger
Members of the local community who are facing homelessness and poverty could be set to benefit from a proposed merger between YMCA Derbyshire and Padley Group. The two charities are in talks about joining forces to offer a host of services for those facing homelessness and poverty, including skills development, access to food and nutritional advice, wellbeing services, volunteering and signposting to healthcare, welfare, and housing. As part of the merger, Padley Group would become known as Padley @‌YMCA Derbyshire. Di Litchfield, business manager at Padley Group, said: “The impact we will deliver for people and families affected by homelessness across the city and county will be significantly increased. “This merger will enable us to grow our funding, which means a stronger, more impactful organisation for the years to come.” Gillian Sewell, Chief Executive of YMCA Derbyshire, said: “Padley Group is one of the most respected charities in our local area. We will be working together to develop the housing and support offer from both organisations.” According to Gillian, both organisations have aligned visions – that no-one should be without a roof over their heads and that they should always have a safe space to learn and grow. She said: “Many of those we serve benefit from the support of both organisations. “It is always our aim to provide as much assistance as we can for our communities with limited resources, while keeping those who use our services at the centre of all our decisions. “As we move forward, we also want to work with other members of the Derby and Derbyshire business community to address the wider spread issues of poverty in the city and county to work towards preventing homelessness.” YMCA Derbyshire’s aim is to provide young people with a safe place to learn and grow, make them feel equipped to belong, contribute and prosper, and feel supported to be active in body, mind, and spirit. Padley Group’s mission is to support and empower those affected by homelessness and poverty to improve their lives. This is achieved by providing a range of support services to help them turn their lives around. Speaking about the proposed merger with YMCA Derbyshire, Di said: “This will be a collaborative process, with both teams coming together as one to bring insight and expertise. “We will listen to the people we are here for, as well as our patrons and other stakeholders to make sure we grow our influence and impact, and not reduce, or dilute what we do.”

University of Nottingham spin-out company launched to deliver gene therapy during bone repair surgery

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University of Nottingham spin-out company launched to deliver gene therapy during bone repair surgery
A gene therapy system that can repair and regenerate human tissue is being developed for use in orthopaedic surgery with the launch of a new spin-out company.
TherageniX is a University of Nottingham spin out that’s been launched in collaboration with NLC, a healthtech venture builder, to develop technology that uses gene therapy to provide biological cues to boost the body’s response to regenerating skin, bone, muscle and cartilage. TherageniX will initially focus on orthopaedic application, with the aim of improving the outcomes for patients with bone loss, infection and disease. This technology has been developed by Dr James Dixon in the School of Pharmacy who has created a platform technology to deliver a variety of therapeutic molecules into different cells and tissues as disease treatments. The platform uses peptides and DNA or RNA to form nanoparticles that when uptaken by cells can drive a diseased or injured tissue to generate its own therapeutic molecules. Bone repair usually uses grafts from the patient’s own body (autologous), but this has drawbacks when there is not enough bone available for large defects or when there is risk of infection, or further trauma at the harvesting site. Many bone implants fail due to poor integration, infection or do not function well when healed. TherageniX’s solution will be added to autologous bone grafts during operations by delivering genes directly as a powdered medicine while the patient is undergoing surgery. This will improve the regenerative capacity of the graft and is expected to lead to better outcomes, while reducing trauma at the graft donor site. This new therapy will also reduce waiting times for patients and manufacturing costs. Dr James Dixon, School of Pharmacy, University of Nottingham, said: “Adapting our technology for a rapid application directly to grafted tissue within the operating theatre has been a vision for our gene delivery platform for several years, we have the opportunity here to bring regenerative medicine and gene therapy forward with innovative applications and apply it in ways we could not have envisaged only a few years ago. “We hope that our system will generate a platform of transformative, economically viable and impactful approaches to clinical problems that remain poorly addressed in modern medicine.” Anandkumar Nandakumar is the CEO of TherageniX. He said: “I am very excited about the technology and we have a unique approach to help patients with bone defects. We are only at the first step with the possibilities of this technology. In the future we can envision treating several types of defects and tissues and move towards personalized medicine.” TherageniX is an early stage venture with the first proof of concept in pre-clinical studies and has been supported by Nottingham Technology Ventures who manage the University of Nottingham’s spin-out portfolio. Alice MacGowan, Nottingham Technology Ventures, said: “We’re incredibly pleased to announce the launch of TherageniX and are looking forward to seeing the potential of this platform realised for orthopaedic applications. “Delivery of gene therapies to the site of action is a critical challenge, which this innovation has the ability to solve. It is incredibly rewarding to see the work of Dr. Dixon and colleagues at the University of Nottingham recognised by this external investment.”
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