Vehicle retailer optimistic after strong first quarter results

Motorpoint Group, a vehicle retailer headquartered in Derby, has unveiled strong results for the quarter concluding on March 31, 2024 (Q4) expressing optimism for a strong year overall.

In Q4, Motorpoint saw growth in retail volume, around 9% higher than the previous year.

Looking at the full year, Motorpoint expects its pre-tax losses to be better than initially anticipated, pointing towards a promising financial outlook.

Despite challenges, Motorpoint maintains a solid financial position, with no significant debt and approximately £9m in cash reserves as of 31 March 2024.

Motorpoint initiated a share buyback program, aiming to repurchase and cancel up to 5m shares and by 31 March 2024, the company had already repurchased 220,255 shares.

Throughout Q4, Motorpoint benefited from increased consumer demand, particularly in January, February, and March, resulting in profitable months.

This was supported by improvements in the company’s digital presence, leading to strong website traffic.

Mark Carpenter, chief executive officer of Motorpoint Group, said: “I am delighted that the difficult conditions experienced in 2023 have eased in Q4 and, combined with our focus on driving operational excellence through a programme we call Brilliant Basics, has meant that Q4 was characterised by consistent profitability. We are achieving growth, increasing stock turn and improving margins, and this is expected to continue into FY25 as supply improves following recent new car registration growth. I am therefore optimistic for FY25 and look forward to Motorpoint making the most of the growth opportunities ahead.”

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