LONDON (ShareCast) - (Sharecast News) - Vehicle retailer Motorpoint said on Wednesday that it had returned to profit in the six months ended 30 September and issued solid forward guidance.
Motorpoint delivered an interim pre-tax profit of £2.0m, a marked improvement from the prior year's £3.7m loss, principally driven by a 17.4% increase in retail vehicle sales and improved gross margins. Overall gross profit was up 7% at £44.7m.

Revenue, on the other hand, was down 7% at £563.1m as a result of lower vehicle prices but the company stated that used car prices appeared to stabilising and that it now expects economic pressures to begin to ease.

Chief executive Mark Carpenter said: "I am pleased with our solid performance in the first half of FY25, which was marked by a return to profitability following several years of considerable headwinds that have impacted our industry.

"Following the challenges faced in recent times, we remain cautious as supply slowly improves and macroeconomic pressures continue to ease, while demonstrating our return to profitability, as we plan courses of action to accelerate this growth."

As of 1040 GMT, Motorpoint shares had surged 12.37% to 131.75p.









Reporting by Iain Gilbert at Sharecast.com

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE