Motorpoint profit rises 13% on sales boost from existing sites
Source - SMW
Auto retailer Motorpoint Group reported a 13% rise in annual profit as it increased sales across its existing sites, though margins contracted in the second half.
Pre-tax profit for the year through March rose to £22.9m, up from £20.0m on-year.
Revenue rose 6.8% to £1.06bn and adjusted profit rose 10% to £22.9m.
Motorpoint declared a final dividend of 5.0p per share, giving a full-year dividend of 7.5p, up from 6.6p on-year.
The company said its margin performance in the second half fell below normal seasonal trends, due to more aggressive pricing in a consumer market disrupted by the ongoing political and economic uncertainty.
'We are pleased with the progress that has been made over the course of the year, with the group delivering double-digit profit growth and achieving sales of over £1bn for the first time,' chief executive Mark Carpenter said.
'We have continued to gain market share, thanks to our value-orientated, customer-friendly proposition which has resulted in a record number of repeat customers coming through our doors along with consistently high levels of customer satisfaction being reported.'
'In spite of what remains a challenging market backdrop, as has been well documented, we are well positioned at the beginning of the new financial year with a healthy and competitive stock mix.'
'As a group, we are confident about the opportunities ahead owing to the strengths of our people and our unique operating model, focused on delivering unrivalled choice, value and service.'