Motorpoint expects 18% revenue growth in H1

Motorpoint Group PLC has said that it expects to report revenue growth of over 18% during the first half of 2017, compared to the same period last year.

Issuing a statement ahead of publication of its half-year results to September 30, the top ID50 used car supermarket giant said that it had delivered increased sales from sites open longer than one year and from recent site openings.

Sites in Castleford and Oldbury reached their first anniversary in the period and are both “delivering an encouraging performance”, the business said in a statement.

It added: “Motorpoint’s 12th site opened in Sheffield in April and is building good sales momentum in its first year of trading.

“The Group has delivered more normalised margin levels in the first half compared to the same period last year, and the breadth and quality of stock on hand going into the second half of the year is encouraging.

“The Board expects the Group to report Underlying Profit Before Tax for the period of circa £10.5m (H1 FY17: £6.4m).”

Motorpoint said that its board was continuing to closely monitor customer confidence in light of the ongoing economic and political uncertainty but said that it remains confident that the business’s independent and flexible model leaves it well placed to continue to grow market share.

Motorpoint will publish its interim results for the half year ended September 30, 2017 on November 29.

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