CAR supermarket group Motorpoint has exceeded its expected revenue growth for the first six months of the financial year, achieving a 9.4 per cent improvement year-on-year.
In total, revenues were up to £528.6 million in the half year from April 1 to September 30, 2018, from £485.2m in the first six months of the previous year.
Profit before tax was up to £11.9m from £9.7m, or from £10.5m including exceptional items.
The group also reported that its levels of repeat customers were up during the period to 29.5 per cent.
Motorpoint Group chief executive Mark Carpenter said: ‘Over the first half of the year, the group has delivered a good trading performance and we are pleased with our continued progress.
‘In spite of the challenging market backdrop, our value-orientated, customer-friendly proposition, combined with the strength of our people and quality of our multi-channel offering, has enabled us to grow and to welcome record levels of repeat customers through our doors.’
Carpenter added that the group’s expansion plans and new openings had also played an important role.
‘In line with our site opening strategy we are in advanced discussions on several premises. We expect to be able to announce contractual completion for at least one of these in the near future.
‘We are also excited about the opening of our new preparation centre in Peterborough, expected early in the new calendar year, which will increase the efficiency of the group’s operations and maximise retail space at our neighbouring sites in Peterborough and Chingford,’ he said.
‘We have closed the period with a strong cash and balance sheet position, with operating cash conversion for the first half again over 100 per cent. As such, we are extending our buyback programme, with £10m earmarked for share repurchases over the forthcoming year.
‘Current trading is consistent with market expectations for the full year. However, we remain mindful of the current political uncertainty and, as per Motorpoint’s normal seasonal trends, our fourth financial quarter is the most material of our full year’s performance.’