Motorpoint H1 profits surge on record summer volumes

(Sharecast News) - Automotive retailer Motorpoint said on Thursday that "positive momentum" had continued throughout the six months ended 30 September, with pre-tax profits surging on the back of record retail volumes in July and August. Motorpoint said pre-tax profits had shot up 80% to roughly £3.6m in the first half, driven by year-on-year retail volume growth of 8.9%, outperforming the wider used car market. Total revenues increased 15% to £648m.

The London-listed firm noted that retail volumes in both July and August had been the highest since 2018, excluding the two months post-lockdown in 2021.

Motorpoint also stated that the "strong performance" delivered in H126 meant that it "remains confident" in its ability to achieve FY expectations.

Chief executive Mark Carpenter said: "Although economic uncertainty remains, I am confident that our omnichannel business model and exciting strategic plans stand us in good stead going forward as we pursue expanded supply channels, new store openings, improved online and store channel integration, along with data and AI to drive further efficiency and improved customer experiences. We are well placed to take full advantage of the opportunities that exist in our market to build long-term value."

As of 0845 BST, Motorpoint shares were up 0.64% at 158p.

Reporting by Iain Gilbert at Sharecast.com