(Alliance News) - Motorpoint Group PLC on Thursday said that in the three months to September 30, its underlying pretax loss narrowed considerably from the quarter before, as "swift, decisive action to right-size the business" started to have an impact.
The Derby-based automotive retailer said it narrowed its underlying pretax loss to around GBP600,000 in the second quarter from GBP3.1 million in the first quarter, thanks to its measures to improve margins and its cost base actions.
Before interest expenses, Motorpoint made an underlying operating profit of around GBP1.6 million over the first half. A year prior, it had reported an operating profit of GBP5.9 million.
"The impacts of high inflation, interest rates, and consumer uncertainty continue to affect demand for used cars...We have successfully preserved cash while making progress on selective strategic initiatives, and are well positioned to emerge from this difficult macroeconomic cycle a leaner and more agile business," said Chief Executive Officer Mark Carpenter.
The company aims to release its half-year results on November 23.
Motorpoint shares rose 1.3% to 88.00 pence each in London on Thursday morning.
By Tom Budszus, Alliance News reporter
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Motorpoint (MOTR)