8:41 am, October 8, 2024
Used car supermarket group Motorpoint has made a return to profitability amid a growth in retail volumes over the past six months.
That is according to the latest trading update out of the company, which has today (Oct 8) been filed via the London Stock Exchange.
The update covers the six months to September 30 – which makes up the first half of the firm’s 2025 financial year.
It reveals that Motorpoint is expecting to have made a pre-tax profit of £2m in the period, compared to a £3.7m loss over the same spell last year.
The documents also show that retail volume grew by 17% on H1 2024 with days to turn improving to 41 days, from 47.
Meanwhile, the firm also wrapped up a successful share buyback programme, splashing out £5m to reclaim a total of 3.6m shares.
Looking ahead, the outfit is now expecting to open its 21st site, in Norwich, over the next six months.
Reflecting on the firm’s progress, bosses said that the company had shown ‘resilience’ in recent times.
Mark Carpenter, chief executive officer of Motorpoint Group PLC, said: ‘The resilience of the Motorpoint business model has been proven once again and I am delighted to confirm that the successful execution of our Brilliant Basics programme during FY24, alongside the easing of macroeconomic pressures, has resulted in a return to profitability.
‘We also welcomed the first interest rate cut in August, the same month that we achieved our highest performing retail volume since March 2022.
‘This solid performance in the first half of the year stands us in good stead as we look to progress our strategy to accelerate growth, and I would like to thank our incredibly hardworking colleagues for what they have delivered so far this year.
‘I am confident that we are entering the second half with strong momentum.’
The group expects to announce its interim results for H1 2025 on November 27.
