Motorpoint Group PLC on Friday said, for the nine months to December 31 last year, it expects its gross profit per unit to be below expectations due to a fall in value of electric vehicles and higher financing costs.

The Derby, England-based second-hand car retailer added that revenue during the period was up 17% from a year ago to £1.06 billion, boosted by price inflation.

The company plans to open two new stores, one in Ipswich and one in Milton Keynes, during the first half of financial year 2024 that starts on April 1.

Motorpoint emphasised that it progressed on its medium-term growth objectives, which are over £1 billion in e-commerce sales and over £2 billion in total sales. It added that it invested about £5 million more than a year ago.

Looking ahead, Chief Executive Officer 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.’

Motorpoint shares were 2.1% lower at 142.00 pence each in London on Friday morning.

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