Motorpoint Group plc Full Year Trading Update (5343V)
06 Abril 2023 - 1:00AM
UK Regulatory
TIDMMOTR
RNS Number : 5343V
Motorpoint Group plc
06 April 2023
6 April 2023
Motorpoint Group PLC
("Motorpoint" "Company" or the "Group")
Full Year Trading Update
Motorpoint Group PLC, the UK's leading independent omnichannel
vehicle retailer, provides an update on its trading performance for
the year ended 31 March 2023.
FY23 Highlights:
-- Record revenue of c.GBP1,437m, up c.9% helped by vehicle mix and price inflation
-- Profit before taxation expected to be broadly break even
-- Market share (0-4 year vehicles) for the 12 months to
December 2022 grew strongly to 3.5% (December 2021: 2.7%)
-- Balance sheet remains strong with c.GBP5m cash at year end,
and significant borrowing headroom
-- New Chief Technology Officer, Tom Tang joined in March to
accelerate our digital transformation
-- New store to open in Ipswich in May 2023
-- Net Promoter Score remained at an industry leading 84
Strategy Update
As reported in January, the Group continued to make strong
progress on its targeted strategic investments in FY23 in order to
meet the medium-term growth objectives - over GBP1 billion in
e-commerce sales and over GBP2 billion in total sales - and to
better position the Company for the long-term with a lower cost
base, a stronger brand, and improved customer experiences.
Tom Tang joined Motorpoint as Chief Technology Officer in March.
Tom has over 20 years of experience in technology leadership and
has led technology organisations with his recent roles as CIO,
Alliant Energy, CTO - Customer Experience, Sainsbury's and CIO,
Argos. Tom is an advocate of the benefits of AI capabilities which
benefit the customer and employee, advancing the goals of the
business.
Our new store in Ipswich will open in May 2023, our 20(th)
store, up from 13 locations three years ago.
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC
commented:
"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."
Enquiries:
Motorpoint Group PLC via FTI Consulting
Mark Carpenter, Chief Executive
Officer
Chris Morgan, Chief Financial
Officer
FTI Consulting (Financial PR)
Alex Beagley
Sam Macpherson 020 3727 1000
Inside information: This announcement contains inside
information as defined in Article 7 of the retained EU law version
of the Market Abuse Regulation No 596/2014 ("UK MAR") and has been
announced in accordance with the Company's obligations under
Article 17 of UK MAR.
Forward looking statements: The information in this release is
based on management information. This announcement includes
statements that are forward looking in nature. Forward looking
statements involve known and unknown risks, assumptions,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Group to be materially different
from any future results, performance or achievements expressed or
implied by such forward looking statements. Except as required by
the Listing Rules and applicable law, the Company undertakes no
obligation to update, revise or change any forward looking
statements to reflect events or developments occurring after the
date of this announcement.
Notes to editors
Motorpoint is the UK's leading independent E-commerce led
omnichannel vehicle retailer, focused on giving retail and trade
customers the easiest, most affordable and seamless way of buying,
selling and financing their car whether online, in-store or a
combination of both. Through its leading B2C platform
Motorpoint.co.uk and UK network of 19 sales and collection
branches, the Group provides an unrivalled offering in the nearly
new car market, where consumers can effortlessly browse, buy or
finance their next car and collect or have it delivered directly to
their homes. Motorpoint's purely online wholesale platform
Auction4Cars.com sells vehicles into the wholesale B2B market that
have been part exchanged by retail customers, or purchased directly
from them by the Group as part of its online car buying service.
Motorpoint's diversified business model, underpinned by its
established brand, industry leading technology and sophisticated
marketing infrastructure, always delivers the best choice, value,
service and quality for customers. The Group is proud to have been
recognised for nine consecutive years as one of the Top 100 Best
Companies to Work For.
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END
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