Car supermarket group Motorpoint has estimated an 11% revenue growth for the six months to 30 September 2016, in a trading update that flagged a Brexit related volume and margin hit.

The trading update stated: “Because of the uncertainty around the result of the EU referendum, management has invested in margin to protect the Group’s good level of stock turn, and managed its stock levels carefully. Accordingly, the volume and margin performance in the first half is behind original management expectations.”

The statement suggests that H2 is likely to provide an improvement: “Early indications in H2 are also showing improving margin trends.”

Motorpoint also confirm that the three new sites that it has acquired in the last twelve months are yet to make a positive contribution. However it says “Management is confident that these new sites will deliver a solid performance in the second half [of the financial year] and beyond.”

The trading update returns to the subject of margins in its forecast for H2: “With an improved contribution from the new site openings, good supply and an improving margin outlook, management foresees a stronger H2 weighting with net margins moving back to more normal levels.”