23 July 2019
Motorpoint Group Plc
("Motorpoint" or "the Company")
AGM Trading Update
Mark Morris, Chairman of Motorpoint, the UK's largest independent vehicle retailer, will make the following statement at the Company's Annual General Meeting to be held at 11:00am today:
"Motorpoint has achieved revenue growth over the first three months of the financial year despite the challenging consumer environment and ongoing uncertain political backdrop. The Board believes that this growth reflects further encouraging market share gains against a declining market.
"Gross Margin has performed below last year's strong comparative period, impacted by unusually high supply levels. This margin pressure is expected to result in Motorpoint reporting a profit for the six months ending 30 September 2019 below the same period last year.
"However, the Company has experienced a strengthening margin trend in July and, combined with the impact of improved business processes, the Board believes Motorpoint is well placed to continue to take market share and remains confident in its full year outlook."
Motorpoint Group Plc (www.motorpointplc.com)
Mark Carpenter, Chief Executive Officer
James Gilmour, Chief Financial Officer
Via FTI Consulting
FTI Consulting (Financial PR)
020 3727 1000
Notes to editors
Motorpoint is the largest independent vehicle retailer in the United Kingdom. The Company's principal business is the sale of nearly-new vehicles, the majority of which are up to two years old and which have covered less than 15,000 miles. Motorpoint sells vehicles from brands representing over 95 per cent. of new vehicle sales in the United Kingdom, with models from Ford, Vauxhall, Volkswagen, Nissan, Hyundai, Audi and BMW being amongst the top sellers. The Group operates from 12 retail sites across the United Kingdom; Derby, Burnley, Glasgow, Newport, Peterborough, Chingford, Birmingham, Widnes, Birtley, Castleford, Oldbury and Sheffield, of which five have opened in the last five years; together with a national contact-centre dealing with online enquiries.
More information is available at www.motorpointplc.com and www.motorpoint.co.uk.