29th Nov 2018 11:03
LONDON (Alliance News) - Motorpoint Group PLC said Thursday its interim profit jumped on a revenue increase as it prepares to launch a new share buyback programme.
For the six months ended September 30, the vehicle retailer posted pretax profit up 23% to GBP11.9 million from GBP9.7 million a year prior.
Revenue increased 9.4% year-on-year to GBP528.6 million from GBP483.2 million.
The retailer declared an interim dividend of 2.5 pence per share, up 25% on 2.0p paid to shareholders for the comparative period a year ago.
The company also is planning to extend its share buyback programme, to reflect the "strong cash generation". It has earmarked GBP10.0 million of its cash resources for share repurchases over the forthcoming year.
"Current trading is consistent with market expectations for the full year. However, we remain mindful of the current political uncertainty and, as per Motorpoint's normal seasonal trends, our fourth financial quarter is the most material of our full year's performance," Chief Executive Officer Mark Carpenter said.
Motorpoint shares were trading down 0.7% at 216.00 pence each.
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