Sales rise 82pc for Motorpoint
Vehicle sales group Motorpoint saw revenue rise 82 per cent for its latest financial year.
For the 12 months to the end of March it achieved total sales of £1.32 billion compared to £722 million in 2020-2021.
Vehicle sales grew by 45 per cent despite the well documented reduced supply of vehicles during the year.
The group, which has sites in Oldbury and Birmingham, anticipates reporting pre-tax profit for the year in line with the board's expectations.
Motorpoint plans to growing its e-commerce revenue to over £1bn by substantially increasing investment in marketing, technology and data.
Around 58 per cent of transactions were online in 2021-2022 and e-commerce revenue grew to around £600m from £419m a year earlier.
Three new branches opened in the second half of the year in Manchester, Maidstone and Portsmouth. Further openings are expected in the current year.
Motorpoint has warned that the impact of rising inflation and worldwide vehicle supply challenges is likely to affect its markets and company performance, but its extent is difficult to predict in the short term. It expects rising inflation will place further pressure on discretionary spending power.
Chief executive Mark Carpenter said: "Despite the uncertain consumer outlook, the group's continuing confidence allows it to invest in its future growth strategies across multiple initiatives. The expansion of our technology team dramatically increases our capability to innovate and scale our Motorpoint.co.uk and Auction4Cars.com platforms which both have huge future growth potential"
