Motorpoint flags strong trading momentum in new financial year
Motorpoint Group Plc said in an update on Tuesday that trading momentum remained strong in the first quarter of its new financial year, with retail volume sales rising by 10.6% compared to the same period last year.
In a statement issued ahead of its annual general meeting, the independent vehicle retailer said improved stock levels, supported by a data-driven vehicle sourcing strategy, had underpinned growth in both sales and metal margin performance.
The London-listed company reiterated its confidence in meeting full-year expectations.
Motorpoint also reported continued progress on its share buyback programme launched in April.
Around 1.9 million of the planned three million shares had been repurchased and cancelled at a total cost of £3m.
The firm said it would release a trading update for the six months ending 30 September in October.
At 1022 BST, shares in Motorpoint Group were flat at 180p.
Reporting by Josh White for Sharecast.com.
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