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Annual Results

Motorpoint sees FY profit at top end of market views

06 April 2017 09:37

Motorpoint said its turnover for the year was about £820m, an increase of 12.5% on FY 2016, with pretax profit for FY 2017 expected to be at the upper end of the range of current market expectations.

Directors believed current market forecasts for adjusted pretax profit to be £14.6m-£15.5m, with a consensus of £15.0m.

"The final quarter of the Group's financial year in particular has seen increased customer footfall and online traffic, driving improved volume performance both in like-for-like sales and sales at new sites," it said.

Management also anticipated the group's two most recently opened sites, at Castleford and Oldbury, had made a positive profit contribution in the final quarter of FY 2017. Looking ahead, Motorpoint said there remained some macroeconomic uncertainty in the UK economy, with the EU referendum result prompting ongoing customer caution, and a more subdued new car market anticipated following last year's record performance.

"The Board is cautiously optimistic regarding the UK used vehicle market and remains confident that Motorpoint's independent and flexible model ensures the Group is well placed to continue to grow market share," it said.

Motorpoint added that there remained a good pipeline of new site opportunities across the UK.

At 9:37am: (LON:MOTR) Motorpoint Group Plc share price was +3p at 143p

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