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Motorpoint confident about year ahead as annual profit jumps
Motorpoint said it was confident about its prospects this year as Britain's biggest independent car retailer posted annual profits up by almost a third.
Pre-tax profit before exceptional items rose 32.5% to £20.8m in the year to the end of March as revenue rose 20.6% to £991.2m. Statutory pre-tax profit rose 71% to £20m.
Motorpoint, whose shares floated at 200p in 2016, sells nearly new cars from 12 retail sites and online. It has increased profits as the market for new car sales has suffered from fragile consumer confidence. The company's shares, which have risen more than 60% in the past year, fell 8% to 240p at 12:07 GMT.
Mark Carpenter, Motorpoint's chief executive, said: "The group has delivered a strong performance over the year and I am pleased with the progress we continue to make as a business. Whilst we are mindful of the wider economic and political climate, thanks to our differentiated business model, we are well positioned to continue to grow and are confident about our prospects for the year ahead."