6th Apr 2023 09:34
(Alliance News) - 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 GBP1.44 billion for the year ended on March 31, up 9.1% from GBP1.32 billion the year before, due to "vehicle mix and price inflation".
Pretax profit is expected to be broadly break-even. Pretax profit was GBP21.5 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 GBP3.0 million in the six months ended September 30, from GBP13.5 million the year prior. This came despite revenue rising 30% to a record GBP786.7 million from GBP605.2 million.
Shares were up 2.7% at 134.50 pence each on Thursday morning in London.
By Xindi Wei, Alliance News reporter
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