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Motorpoint Group PLC on Thursday reported trading picked up towards the end of its financial year as tough conditions witnessed at the end of 2023 eased. Shares in Motorpoint rose 2.1% to 136.33 pence in London on Thursday. The Derby, England-based automotive retailer said the positive momentum experienced at the start of the calendar year continued through February and March. In a trading update for the financial year ending March, Motorpoint said fourth quarter retail volume increased by around 9% year on year. As a consequence, January, February and March were all profitable months, it said. Motorpoint said its full-year pretax loss is now ‘anticipated to be at the favourable end of management expectations.’ ‘Consumer demand has picked up, and we have benefitted from the numerous enhancements made to our digital presence during the past year which, among other things, is generating strong website traffic,’ Motorpoint said in a statement. Chief Executive Officer Mark Carpenter commented: ‘I am delighted that the difficult conditions experienced in 2023 have eased in [the fourth quarter].’ ‘We are achieving growth, increasing stock turn and improving margins, and this is expected to continue into [financial 2025] as supply improves following recent new car registration growth.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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