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Motorpoint reports record FY revenues
(Sharecast News) - Automotive retailer Motorpoint said on Thursday that it had delivered record revenues in the year ended 31 March, driven by both vehicle mix and price inflation. Motorpoint said full-year revenues had risen roughly 9% to an all-time high of approximately £1.43bn, while pre-tax profits were seen breaking even.
The London-listed group also highlighted that its balance sheet remained "strong", with approximately £5.0m in cash at year-end, and "significant" borrowing headroom.
Chief executive Mark Carpenter said: "Whilst the impact of higher interest rates and inflation will continue into FY24, new car registrations rose 18% in March, with the fleet market driving this eighth consecutive month of growth, which will in turn benefit used vehicle supply.
"This, coupled with continued market share gains and progress on our key initiatives, will enable Motorpoint to emerge from the current environment a highly profitable market leader."
As of 0835 BST, Motorpoint shares were up 2.17% at 133.84p.
Reporting by Iain Gilbert at Sharecast.com
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