Motorpoint sees "record performance" with 39.2% profit before tax increase – Motor Trader

Motorpoint has announced that is saw profit before tax increase 39.2% to £13.5m (H1 FY21: £9.7m) for the six months ended 30 September 2021.

It posted a revenue increase of 56.1% to £605.2m (H1 FY21: £387.7m) reflecting record performance after reopening, continued strong consumer demand for used vehicles and strong market share gains.

Its retail volume showed a growth of 46% in the period and total online units made up over 60% of overall volumes.

Online retail sales increased by 53% against the same period last year.

During the year Motorpoint has open its Manchester branch and now has agreements for further branches in Maidstone, Milton Keynes and Portsmouth.

It also opened its Motherwell preparation centre during August 2021, which added more than 20,000 units to retail capacity. This took its retail preparation capacity to in excess of 120,000 units per annum (on a single shift basis).

It also launched the Motorpoint car buying service in July 2021 – already seeing clear benefits with 12.6% of retail vehicles sold in H1 being sourced from consumers (H1 FY21: 7.6%).

Mark Carpenter, Chief Executive Officer of Motorpoint Group said: “The first half of the year marked a record performance for the Group. While we have naturally benefited from favourable market conditions, we have also had to contend with unprecedented vehicle inflation and widely documented shortages in available stock which undoubtedly limited our revenue and profit growth. In the end, it is our market share gains which demonstrate the unique strengths of our model.

“During the period we continued to invest in future growth with strong progress made on our medium term strategic targets as we execute on our goal of at least doubling revenue to over £2bn in the medium term.

“On behalf of the Board, I would like to thank our Motorpoint team who have been exemplary in their commitment to the business throughout these uncertain times. Our team continue to inspire me and I am grateful for their passion, energy and enthusiasm for our brand.”


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