Motorpoint Group, the independent omnichannel vehicle retailer, has hailed a return to profitability in unaudited interim results for the six months ended 30 September 2024 (H1 FY25).
The Derby-based business saw pre-tax profit rise to £2m in comparison to a £3.7m loss in the same period of the year prior, which the firm says was driven by strong growth in retail volumes in the period of 17.4% with 30.3k retail vehicles sold (up from 25.8k).
Revenue, however, decreased to £563.1m from £607.2m, reflecting a more affordable vehicle mix and price deflation.
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “I am pleased with our solid performance in the first half of FY25, which was marked by a return to profitability following several years of considerable headwinds that have impacted our industry.
“Brilliant Basics, our right sizing and margin improvement programme, delivered what it needed to in FY24, ensuring foundations for future growth. As well as strong year on year volume growth and market outperformance, margins strengthened, and stock turn improved to an industry-leading 41 days in stock.
“Following the challenges faced in recent times, we remain cautious as supply slowly improves and macroeconomic pressures continue to ease, while demonstrating our return to profitability, as we plan courses of action to accelerate this growth.
“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.”
