8:07 am, July 24, 2024
Motorpoint has enjoyed a ‘positive’ start to its latest financial year and is on course to meet its expectations.
That is according to the company’s board, which has issued a trading update to the London Stock Exchange, ahead of today’s annual general meeting (AGM).
The used car supermarket group says retail sales grew in the first quarter of 2025 with net cash standing at around £6.5m at the end of June,
The group says it has also now bought back and cancelled 2.5m shares at a cost of £3.5m.
The update says that John Walden, chair of Motorpoint, will tell the firm’s AGM: ‘The board is pleased to report that the positive start to FY25, as outlined in the final Results on 13 June 2024, has continued.
‘Retail sales in Q1 grew strongly on the equivalent period in FY24. The Board remains confident that vehicle supply should increase, customer sentiment will continue to improve and that the group will achieve its expectations for the full year.
‘Net cash at 30 June 2024 was c.£6.5m, despite the Group having now bought back and cancelled 2.5m shares at a cost of £3.5m.’
Motorpoint will provide an update on trading for the six months ending September 30, 2024 in October 2024.
It comes after the outfit’s most recent set of annual accounts, for the 12 months to to March 31, 2024, revealed deepening losses.
The documents showed an underlying pre-tax loss of £8.2m, rising to £10.4m once various exceptional items were taken into account.
Bosses described the period as Motorpoint’s ‘most difficult year ever’ but said that the group had ‘made an encouraging start to FY25’.
