Motorpoint Group remains confident of continued successful trading in "uncertain economic conditions" as it enjoyed a continued rise in turnover - despite a fall in profits.
The independent vehicle retailer’s revenue was up 12.7% to £822 million in the year to March 31, with profits before tax of £11.7m, compared to £16.9m the previous year (profit before tax and exceptional items £15.7m versus £18.2m in 2016).
Chief executive Mark Carpenter (pictured): “The group continued to make progress during the year, particularly in the second half and I am encouraged by the performance of our two new site openings.
“Customer satisfaction scores have increased across the group, demonstrating the effectiveness of our unique business model which is built around the cornerstones of choice, value and service.
“Whilst we remain mindful of the current uncertain economic environment, trading at the beginning of the new financial year has started to plan and continued the positive trend from Q4 FY17.
We remain well placed to continue growing the Motorpoint brand and to extend our compelling, value-focused proposition to more customers across the UK.
“Our market leading position, combined with our focus on nurturing talent within the business and commitment to delivering exceptional customer service leave us confident about the Group’s trading prospects for the year ahead.”
The year’s operational highlights
• Motorpoint opened its 10th retail site in Castleford in April 2016 and 11th retail site, in Oldbury, in July 2016
• After the end of the financials year it opened a 12th retail site in Sheffield
• Significant increase in levels of repeat customers in the current year
• Net Promoter Score performance improved at every site with a group average of 77%
• Floated on the premium listing of the London Stock Exchange on May 18