Car supermarket group, Motorpoint Group PLC, have released a trading update ahead of the announcement of its final results for the FY17 year ended 31 March 2017.
The group reveals turnover for the year of approximately £820m, up 12.5% on FY16, saying it expects Profit Before Tax for FY17 to be at the upper end of the range of current market expectations, thanks to increased customer footfall and online traffic.
The firm says it’s two most recently opened sites, at Castleford and Oldbury, will have made a positive profit contribution in the final quarter of FY17 and gross margins per unit are on the up.
Talking about the performance, Mark Carpenter, Motorpoint’s Chief Executive Officer, said, “We are pleased with our improved trading performance in the second half of the year, with the business responding well following the pricing actions of the first half, thereby driving profit towards the top end of consensus range. We anticipate continued growth in revenues and profits, with an encouraging performance from our new sites.
“Motorpoint operates a compelling customer proposition and is well placed to continue building on the competitive advantages of its unique model. With four sites under three years old and our new Sheffield site opening in April, we are excited about the Group’s prospects and look to the future with confidence.”