Record half year revenue for Motorpoint
Vehicle retail chain Motorpoint achieved record revenue of around £785 million in the first half of its financial year.
It was up around 30 per cent on £605m in the first half of 2021-2022. Pre-tax profit was down from £13.5m to around £3m.
The group, which includes a site at Churchbridge, Oldbury, increased its market share of the up to four-year-old market to3.6 per cent.
In the six months to the end of September Motorpoint invested £4m to grow market share.
Profitability was significantly lower than the record performance a year earlier due to the investment in new stores, digital and technology capability and price leadership
It opened its 18th location in Edinburgh at the end of September and the 19th at Coventry is due to open at the end of October.
Sales volumes in April and May were down against an exceptionally strong previous year which reflected post-lockdown branch reopenings. The Group returned to positive year-on-year volume growth in June, which continued into July and August. However, in September volumes were down around nine per cent, caused in part by adverse economic news flow and political uncertainty which continue to undermine already fragile consumer confidence.
