Brexit vote puts brake on Motorpoint growth

Motorpoint, the Derby headquartered car dealership giant, says it expects to report revenue growth of around 11% for the six months to 30 September – behind management expectations.

The firm says that uncertainty around the EU Referendum has led management to invest in margin to protect its good level of stock turn and manage its stock levels carefully.

Motorpoint says it has opened three new sites in the last year – although all three are so far loss-making. Management says it is confident that the new sites will “deliver a solid performance” in the second half of the year.

A statement from the company said: “With an improved contribution from the new site openings, good supply and an improving margin outlook, management foresees a stronger H2 weighting with net margins moving back to more normal levels. The pipeline of potential new sites remains encouraging, and positive progress is being made on a number of options.”