Car retail giant accelerates through £1bn turnover target

Motorpoint, the Derby-based car retail giant, has smashed through the £1bn revenue barrier for the first time.

For the year-ending 31 March, sales at the firm were £1.06bn, with profits rising 10% to £22.9m.

Mark Carpenter, chief executive of Motorpoint, said: “We are pleased with the progress that has been made over the course of the year, with the Group delivering double-digit profit growth and achieving sales of over £1bn for the first time. We have continued to gain market share, thanks to our value-orientated, customer-friendly proposition which has resulted in a record number of repeat customers coming through our doors along with consistently high levels of customer satisfaction being reported.

“Our 13th retail site is expected to open in the second half of the current financial year and we are committed to bringing the Motorpoint brand closer to more people across the UK.

“The Group closed the year with a healthy cash position, thanks in part to our tight cost control and disciplined capital allocation. This has enabled us to deliver enhanced returns for our shareholders in the form of an increased dividend and continued buyback programme.

“In spite of what remains a challenging market backdrop, as has been well documented, we are well positioned at the beginning of the new financial year with a healthy and competitive stock mix. As a Group, we are confident about the opportunities ahead owing to the strengths of our people and our unique operating model, focused on delivering unrivalled choice, value and service.”