Motorpoint reports improved volumes, profits in Q1

(Sharecast News) - Shares in Motorpoint rose on Thursday after the vehicle retailer reported growth in volumes and profits over the first quarter. In a statement ahead of its AGM on Thursday morning, Motorpoint said retail volumes were up 11.1% year-on-year over the three months to 30 June, helped by increased stock levels.

Profitability has also "improved strongly" compared with last year, supported by "excellent" metal margins and cost control.

"Improved vehicle supply, including buying cars direct from consumers via our Sell Your Car channel, and good progress on our strategic initiatives, including continued investment in data, AI and technology, have also supported this positive start to the year," the firm said in a trading update.

Since the period end, the company has opened its 22nd store, in Leeds, and said its new store opening programme is making good progress, with further openings "expected in due course".

The stock was up 3.2% at 125.33p by 1010 BST.

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