Motorpoint Group plc AGM Trading Update (5170G)
27 Luglio 2021 - 08:00AM
UK Regulatory
TIDMMOTR
RNS Number : 5170G
Motorpoint Group plc
27 July 2021
27 July 2021
Motorpoint Group PLC
("Motorpoint" or the "Group")
AGM Trading Update
Motorpoint Group PLC, the UK's leading independent omnichannel
vehicle retailer, is pleased to announce that Mark Morris, Chairman
of Motorpoint, will make the following statement at the Company's
Annual General Meeting, to be held at 10:00am BST today, which is
an update on trading for the first quarter of the financial year
ending 31 March 2022:
The Group enjoyed record sales in the first two months of the
financial year, both online and in branch, significantly ahead of
the same period in FY20 (which represents a more meaningful
comparative than FY21). A reduced supply of vehicles, driven by the
fall in new car production, has contributed to a moderation of
revenues during June, and into July. However, throughout the first
quarter, gross profit margins remained strong due to appreciation
of vehicle values, and trading is in line with the Board's
expectations for the full year.
Following the announcement of the Group's updated strategic
goals in the Final Results on 16 June 2021, good progress continues
to be made with 61% of vehicles sold online in Q1. Volumes on
Auction4Cars.com, our purely online wholesale platform, were
significantly ahead of FY20, with record margins. The Group has
continued to increase its investment in technology and marketing,
in particular growing the strength and expertise of the technology
team as well as building lasting partnerships with technology
suppliers. The Motorpoint car buying service, purchasing vehicles
direct from consumers, was successfully launched on 6 July 2021 and
this will be an important enabler to increase the supply of retail
vehicles and the volume of transactions on Auction4Cars.com.
Another of our strategic goals is to accelerate the opening of
branches in new markets and we have made strong progress, securing
new branches in Manchester, which will open in the Autumn, and
Maidstone, which will open later in the year. Several more branches
are under negotiation and are expected to be acquired during
2021.
Customer service remains at the forefront of what we do and the
Board was pleased that the Group's Net Promoter Score further
increased to a record 84 in June (FY21 H2: 83).
It is important to note that some uncertainty persists given the
well documented vehicle supply shortage, the potential continued
disruption from COVID-19, and a realignment of used vehicle
margins. However, progress on the Group's strategic goals means it
is well placed to deal with any potential headwinds and the Board
continues to look to the future with confidence, as the Group
continues its exciting transformation into an E-commerce led
business with huge potential.
Enquiries:
Motorpoint Group PLC via FTI Consulting
Mark Carpenter, Chief Executive
Officer
Chris Morgan, Chief Financial
Officer
FTI Consulting (Financial PR) 020 3727 1000
Alex Beagley motorpoint@fticonsulting.com;
James Styles
Sam Macpherson
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 14 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 value, choice,
quality and service for customers. The Group is proud to have been
recognised for seven consecutive years as one of the Sunday Times'
Top 100 Best Companies to Work For.
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END
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