Sales grow for Motorpoint
Vehicle retail chain Motorpoint saw growth in sales in the nine months to the end of December.
The group, which has one of its sites at Churchbridge, Oldbury, said revenue was up 17 per cent to £1.06 billion.
The return to year-on-year retail volume growth was seen in December and into January
Two further store openings at Ipswich and Milton Keynes are planned in first half of 2023-2024.
Its growth objectives are to achieve more than a £1bn in e-commerce sales and £2bn in total sales and to better position Motorpoint for the long term with a lower cost base, a stronger brand, and improved customer experiences.
In the nine months it invested an extra £5 million to grow market share, including improving digital and technology capability and rolling out stores in new catchment areas.
Chief executive Mark Carpenter said: "Motorpoint will emerge from the current depressed consumer market a more efficient business, having made progress on multiple key strategic initiatives. Over the long term we will make further investments in technology, digital development and national marketing, which will be offset to a degree by efficiencies across the business.
"In a period when some of the group's competitors are retreating or lacking financial capability and when current macro headwinds are forecast to continue, the board believes that there is significant opportunity to continue making targeted strategic investment to grow market share and become a highly profitable market leader."
