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Motorpoint Group PLC on Wednesday reported revenue growth, though the Derby, England-based vehicle retailer cautioned on an uncertain outlook.
In the first quarter of its financial year to March 31, 2023, revenue was up 30% year-on-year to around £402 million. Whilst Motorpoint said it outperformed the wider UK market, volumes in April and May were down against the previous year. However, the company returned to positive year-on-year growth in June, it said, and this continued into July.
Motorpoint added that margins in the quarter were down against ‘record’ levels in 2021, when vehicle price appreciation significantly inflated margins.
The company also said it has secured a further new branch in Coventry, which will open later this year, in addition to the already announced locations in Edinburgh and Milton Keynes.
Looking ahead, Motorpoint cautioned on an uncertain outlook as rising inflation and worldwide vehicle supply chain challenges continue to put pressure on new car output.
‘Despite the ongoing uncertainty, we will continue to invest with the consumer front of mind, in order to drive our strategy of significantly increasing our market share through price leadership, whilst continuing to deliver appropriate levels of profitability,’ the company said.
Shares in Motorpoint were up 3.4% to 198.45 pence each in London on Wednesday morning.
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