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Motorpoint said today in a trade update that profit before tax for the year to 31 March 2023 would be a ‘break-even point’, in stark contrast to PTP’s £21.5 million achieved last year.
It said turnover was set to reach £1.43 billion, up about 9%, helped by vehicle mix and price inflation and that it was making ‘good progress’ in its goal of generating £1 billion in e-commerce sales and £2 billion in total sale .
It will open a new store in Ipswich in May 2023, the 20ththup from 13 locations three years ago.
Mark Carpenter, CEO of Motorpoint Group, said: “While the impact of higher interest rates and inflation will continue into FY24, new car registrations rose 18% in March, with the fleet market driving growth for an eighth straight month, which in turn will benefit the procurement of used vehicles.
“This, coupled with our continued gain in market share and progress on our key initiatives, will allow Motorpoint to emerge from the current environment as a highly profitable market leader.”
Tom Tang joined Motorpoint as chief technology officer in March. Tang has more than 20 years of experience in technology leadership and has led technology organizations with recent roles as CIO, Alliant Energy, CTO – Customer Experience, Sainsbury’s and CIO, Argos.
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