Last checked at 6 Oct 2017 07:00
6 October 2017
Motorpoint Group PLC
("Motorpoint" or the "Group")
Half Year Trading Update
Motorpoint Group PLC, the UK's largest independent vehicle retailer, is pleased to announce the following trading update ahead of its interim results for the half year ended 30 September 2017.
The Group expects to report revenue growth of over 18% compared to the same period last year, delivered from both increased sales from sites open longer than one year and from recent site openings. Two sites, Castleford and Oldbury, reached their first anniversary in the period and are both delivering an encouraging performance. Motorpoint's 12th site opened in Sheffield in April and is building good sales momentum in its first year of trading.
The Group has delivered more normalised margin levels in the first half compared to the same period last year, and the breadth and quality of stock on hand going into the second half of the year is encouraging.
The Board expects the Group to report Underlying Profit Before Tax for the period of circa £10.5m (H1 FY17: £6.4m).
Outlook
The Board continues to closely monitor customer confidence in light of the ongoing economic and political uncertainty. However, the Board is pleased with recent trading performance and remains confident that Motorpoint's independent and flexible model leaves it well placed to continue to grow market share.
Interim Results
The Group will publish its interim results for the half year ended 30 September 2017 on 29 November 2017.
Enquiries:
Motorpoint Group plc Mark Carpenter, Chief Executive Officer James Gilmour, Chief Financial Officer
| via FTI Consulting |
FTI Consulting (Financial PR) Jonathon Brill Alex Beagley James Styles George Robinson | 020 3727 1000 |
Notes to editors
Motorpoint is the largest independent vehicle retailer in the United Kingdom. The Group's principal business is the sale of nearly-new vehicles, the majority of which are up to two years old and which have covered less than 15,000 miles. Motorpoint sells vehicles from brands representing over 95 per cent. of new vehicle sales in the United Kingdom, with models from Ford, Vauxhall, Volkswagen, Nissan, Hyundai, Audi and BMW being amongst the top sellers. The Group operates from 12 retail sites across the United Kingdom; Derby, Burnley, Glasgow, Newport, Peterborough, Chingford, Birmingham, Widnes, Birtley, Castleford, Oldbury and Sheffield, of which seven have opened in the last five years; together with a national contact-centre dealing with online enquiries.
More information is available at www.motorpointplc.com and www.motorpoint.co.uk.