Motorpoint Group, the Derby-based independent omnichannel vehicle retailer, has returned to profit.
According to a half year trading update for the six months ended 30 September 2024 (H1 FY25), profit before tax is expected to be £2m, improving from a £3.7m loss in the same period of last year.
Meanwhile, the businesses saw strong retail volume growth of 17% in H1 FY25 compared with H1 FY24.
It comes as the firm highlights easing macroeconomic headwinds in H1 FY25, used car prices and margins remaining broadly stable and customer sentiment improving.
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “The resilience of the Motorpoint business model has been proven once again and I am delighted to confirm that the successful execution of our Brilliant Basics programme during FY24, alongside the easing of macroeconomic pressures, has resulted in a return to profitability.
“We also welcomed the first interest rate cut in August, the same month that we achieved our highest performing retail volume since March 2022.
“This solid performance in the first half of the year stands us in good stead as we look to progress our strategy to accelerate growth, and I would like to thank our incredibly hardworking colleagues for what they have delivered so far this year. I am confident that we are entering the second half with strong momentum.”
