Used automobile grocery store Motorpoint Group returned to profitability within the first half.
In a buying and selling replace it mentioned H1 pre-tax earnings are anticipated to be £2m area, in sharp distinction to the -£3.7m loss final time.
The grocery store noticed retail quantity development of 17% in H1 and was seeing sturdy momentum going into H2 with its twenty first retailer set to open in November.
It added that used automobile costs and margins remained broadly steady and buyer sentiment had improved however the provide of used autos remained “subdued”, significantly on the newer finish of the market. The turnaround adopted a spherical of value slicing train and a concentrate on enterprise necessities.
It added that the share buyback programme, which commenced on 11 March 2024, has been efficiently accomplished.
Motorpoint CEO Mark Carpenter mentioned: “The resilience of the Motorpoint enterprise mannequin has been confirmed as soon as once more.
“I’m delighted to verify that the profitable execution of our Sensible Fundamentals programme throughout FY24, alongside the easing of macroeconomic pressures, has resulted in a return to profitability.
“We additionally welcomed the primary rate of interest reduce in August, the identical month that we achieved our highest performing retail quantity since March 2022.
“This stable efficiency within the first half of the yr stands us in good stead as we glance to progress our technique to speed up development.
“I would like to thank our incredibly hardworking colleagues for what they have delivered so far this year. I am confident that we are entering the second half with strong momentum.”
