Profits fall at car retail giant – despite online sales boost
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Profits at Derby car retailer Motorpoint have fallen by over 15% as dealership closures during lockdown hit the company’s traditionally busy March.
The firm posted revenues of £1.01bn for the year to March 31 – down by 3.8% – while profits fell sharply from £22.2m in 2019 to £18.8m this year.
Despite this, Motorpoint said that trading since its sites reopened in June has been “stronger than anticipated” and ahead of the same period last year. Online trading has also been boosted, with a 50% spike in web traffic and almost 2,000 home delivery orders completed in just over two months.
Mark Carpenter, chief executive officer of Motorpoint Group, said: “As a Group, we responded quickly to what was a fast-changing situation in the final and typically busiest month of our reporting year, and at all times our number one priority has been the safety and wellbeing of our team and customers. I am proud of the way that all of my colleagues responded, having been confronted with an unprecedented set of circumstances.”