Motorpoint is kick-starting funding in its property with plans to open new shops. Its twenty first retailer opens in Norwich subsequent month.
The automobile grocery store introduced the transfer because it confirmed half yr outcomes with a return to profitability on diminished gross sales.
The group turned in pre-tax income of £2m in comparison with -£3.7m loss final time on turnover down 7.3% to £563.1m.
It stated diminished turnover was attributable to a less expensive mannequin combine and deflation, including that the availability of latest automobiles stays subdued, notably at newer finish of market
Commenting on the motor finance subject, it stated while the finance fee short-term withdrawal prompted brief time period challenges, no materials opposed affect on buying and selling and FY25 revenue expectations
Motorpoint CEO Mark Carpenter stated: “I’m happy with our stable efficiency within the first half of FY25, which was marked by a return to profitability following a number of years of appreciable headwinds which have impacted our {industry}.
Sensible Fundamentals, our proper sizing and margin enchancment programme, delivered what it wanted to in FY24, making certain foundations for future development.
In addition to robust yr on yr quantity development and market outperformance, margins strengthened, and inventory flip improved to an industry-leading 41 days in inventory.
“In response to higher demand for Motorpoint cars, we have bolstered our team and have the firepower to restart investment in our estate, including the opening of new stores. I am very excited by our plans to unlock further profitable growth, and we are in a strong position to continue increasing our share of the used car market.”
