Revenue and profits have dropped at Motorpoint Group, the independent omnichannel vehicle retailer.
According to unaudited interim results for the six months ended 30 September 2023 (H1 FY24), the Derby car retailer’s revenue was parked at £607.2m, down from £786.7m in the same period last year, influenced by market headwinds.
Meanwhile the firm posted a £3.5m loss for the period, dipping from a £2.4m profit last year, which Motorpoint said was a result of lower volumes and a fall in finance commissions. Retail volumes declined by 18.4% and wholesale volumes by 22.4% as more stock was sourced direct from consumers and sold through retail channels.
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “I have been at Motorpoint for twelve years and the agility and resilience of our business model is something of which I am immensely proud.
“We have no structural debt, a flexible business model, a fantastic team and a tremendous opportunity ahead to achieve significant cash generation in the medium term following the actions of the past twelve months. Our focus on improving unit economics has been successful, although volumes remained challenging in the period.
“The rapid fall in used car values since the period end is unquestionably a near term challenge, however it also provides reassuring signs of supply finally beginning to improve in the nearly new market that we have dominated in the past. I believe next year will be a key turning point for the market and I look to the future with confidence.”
