Motorpoint has posted a revenue earlier than taxation (“PBT”) of c.£3m for H1 FY23.
That is considerably decrease than H1 FY22 (£13.5m), however, Motorpoint mentioned, displays the elevated strategic funding (c.£4m) and curiosity prices (c.£1m) in H1 FY23 and compares in opposition to document margins skilled in H1 FY22.
The Group additionally achieved document income of c.£785m in H1 FY23, up c.30% (H1 FY22: £605m), with this development pushed by department rollout, a rise in premium fashions being bought and automobile worth inflation.
Gross sales volumes in April and Could 2022 have been down in opposition to exceptionally sturdy prior 12 months comparators, which mirrored post-lockdown department re-openings.
The Group returned to constructive 12 months on 12 months quantity development in June 2022, which continued into July and August.
Nevertheless, in September volumes have been down c.9% brought on, partly mentioned Motorpoint, by “adversarial financial information stream and political uncertainty which proceed to undermine already fragile shopper confidence.”
The corporate believes that these situations will proceed to worsen, inflicting growing shopper uncertainty, and it’s possible that it will scale back used automotive gross sales volumes within the UK for the foreseeable future.
Regardless of this, the Group has mentioned that it’ll proceed to speculate now for the long term in a “weakening competitor panorama”.