Motorpoint’s Huge H1 Revenue Rise      

Used car supermarket giant Motorpoint has enjoyed a 30% annual rise in H1 revenues, up to a huge £785 million. Much of this is down to it selling higher-end cars. 

On top of this, having just opened in Edinburgh, Motorpoint Coventry will be open for business later this month.

Its statement confirmed that the company remains very ambitious, saying: “The board strongly believes there is a significant opportunity for Motorpoint to become a highly profitable market leader, and that certain targeted strategic investments are important particularly as some of the group’s competitors are less ambitious or lack financial capacity.

“The results of the strategic investments made to date underpin this belief and the current strategy. Accordingly, as a result of the investments during H1 FY23, coupled with the costs of maintaining market leading finance rates at 8.9% (9.9% from 1 October 2022), profit before taxation (“PBT”) for the period is c.£3m.

“This PBT is significantly lower than H1 FY22 (£13.5m) and reflects the increased strategic investment (c.£4m) and interest costs (c.£1m) in H1 FY23 and compares against record margins experienced in H1 FY22.”