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Motorpoint, has released interim results for the six months ended 30 September 2017. The firm reports revenue up 18% to £483.2m and adjusted profit before tax of £10.5m, a 64.1% improvement on H1 2016. 

Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC commented: “The Group has delivered a strong first half of the financial year with significant increases across all KPIs. The new sites that have opened in the last two years continue to deliver an improving performance as they gain awareness in their local markets and increase our share in the nearly new market.

“The second half has started well and the Group’s resilient business model and focus on delivering choice, value and serviceleaves it ideally positioned to continue its market share growth of nearly new car sales. Whilst market conditions are always subject to external changes, the supply of stock coming into the business remains good and management are comfortable with the Group’s trading performance so far in H2. The Board is therefore confident of delivering full year results in line with market expectations.”

Mark Carpenter concluded “The Group has separately announced today that it proposes to begin a share buy back programme. This has been possible due to the Group’s robust balance sheet position and cash generative business model.” 

Motorpoint is the largest independent vehicle retailer in the United Kingdom. The Group operates from 12 retail sites across the country, of which five have opened in the last three years, together with a national contact-centre dealing with online enquiries.

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