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Motorpoint Group PLC on Thursday said it expects record yearly revenue and ‘breakeven’ profit. The Derby, England-based automotive retailer said it expects to report revenue of £1.44 billion for the year ended on March 31, up 9.1% from £1.32 billion the year before, due to ‘vehicle mix and price inflation’. Pretax profit is expected to be broadly break-even. Pretax profit was £21.5 million in financial 2022. The company added that its market share for 0-4 year vehicles in 2022 grew to 3.5% from 2.7% in 2021. Chief Executive Officer Mark Carpenter said: ‘Whilst the impact of higher interest rates and inflation will continue into [financial 2024], new car registrations rose 18% in March, with the fleet market driving this eighth consecutive month of growth, which will in turn benefit used vehicle supply. This, coupled with continued market share gains and progress on our key initiatives, will enable Motorpoint to emerge from the current environment a highly profitable market leader.’ Back in November, Motorpoint said pretax profit plunged to £3.0 million in the six months ended September 30, from £13.5 million the year prior. This came despite revenue rising 30% to a record £786.7 million from £605.2 million. Shares were up 2.7% at 134.50 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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