Motorpoint flags strong trading momentum in new financial year

(Sharecast News) - Motorpoint said in an update on Tuesday that trading momentum remained strong in the first quarter of its new financial year, with retail volume sales rising by 10.6% compared to the same period last year. In a statement issued ahead of its annual general meeting, the independent vehicle retailer said improved stock levels, supported by a data-driven vehicle sourcing strategy, had underpinned growth in both sales and metal margin performance.

The London-listed company reiterated its confidence in meeting full-year expectations.

Motorpoint also reported continued progress on its share buyback programme launched in April.

Around 1.9 million of the planned three million shares had been repurchased and cancelled at a total cost of £3m.

The firm said it would release a trading update for the six months ending 30 September in October.

At 1022 BST, shares in Motorpoint Group were flat at 180p.

Reporting by Josh White for Sharecast.com.