23rd Jul 2019 11:07
(Alliance News) - Car retailer Motorpoint Group PLC said on Tuesday, ahead of its annual general meeting, that it achieved growth in the first three months of the financial year.
Chair Mark Morris said this growth has come despite a "challenging consumer environment and ongoing uncertain political backdrop".
"The board believes that this growth reflects further encouraging market share gains against a declining market," said Morris.
The company's gross margin has been below last year's strong comparative, which is expected to result in Motorpoint reporting an interim profit below that generated a year ago.
"However, the company has experienced a strengthening margin trend in July and, combined with the impact of improved business processes, the board believes Motorpoint is well placed to continue to take market share and remains confident in its full year outlook," Morris added.
Shares in Motorpoint were down 0.9% at 212.00 pence in London on Tuesday.
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