14th Jul 2020 14:20
(Alliance News) - Motorpoint Group PLC on Tuesday said it will not declare a final dividend for financial 2020 after reporting a 15% drop in profit, mainly due to temporary site closures during Covid-19 lockdown in March.
The vehicle retailer, however, added that trading volumes since reopening of sites in June has been stronger than anticipated and ahead of the same period last year, with over 50% rise in web traffic.
Margins for both retail and trade sales have been robust and are at least in line with normal seasonal levels, the company noted.
For the year ended March 31, the company's pretax profit fell 15% to GBP18.8 million from GBP22.2 million profit recorded a year ago. Revenue fell 3.8% to GBP1.02 billion from GBP1.06 billion due to the impact of lockdown in March, the busiest trading month for Motorpoint.
Chief Executive Mark Carpenter said: "As a group, we responded quickly to what was a fast-changing situation in the final and typically busiest month of our reporting year, and at all times our number one priority has been the safety and wellbeing of our team and customers."
Motorpoint's board has decided against proposing a final dividend for financial 2020. A year ago the company paid a final dividend of 5 pence a share.
Motorpoint shares up 5.3% at 238.00 pence each on Tuesday at midday in London.
By Greg Roxburgh; [email protected]
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