REG - Motorpoint Group plc - AGM Trading Update

MotorpointAnnouncement

24/07/2024 07:15

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RNS Number : 5537X  Motorpoint Group plc  24 July 2024

24 July 2024

Motorpoint Group PLC

("Motorpoint" or the "Group")

 

AGM Trading Update

 

Motorpoint Group PLC, the UK's leading independent omnichannel used vehicle
retailer, announces that John Walden, Chair of Motorpoint, will make the
following statement at the Company's Annual General Meeting, to be held at
10:00am BST today, which is an update on trading for the first quarter ("Q1")
of the financial year ending 31 March 2025 ("FY25"):

 

"The Board is pleased to report that the positive start to FY25, as outlined
in the Final Results on 13 June 2024, has continued. Retail sales in Q1 grew
strongly on the equivalent period in FY24. The Board remains confident that
vehicle supply should increase, customer sentiment will continue to improve
and that the Group will achieve its expectations for the full year. Net cash
at 30 June 2024 was c.£6.5m, despite the Group having now bought back and
cancelled 2.5m shares at a cost of £3.5m."

 

Motorpoint will provide an update on trading for the six months ending 30
September 2024 in October 2024.

 

Enquiries:

 

 Motorpoint Group PLC                      via FTI Consulting

 Mark Carpenter, Chief Executive Officer

 Chris Morgan, Chief Financial Officer

 FTI Consulting (Financial PR)             020 3727 1000

 Alex Beagley

 Harriet Jackson

 Amy Goldup

 

Forward looking statements:  The information in this release is based on
management information. This report includes statements that are forward
looking in nature. Forward looking statements involve known and unknown risks,
assumptions, uncertainties and other factors which may cause the actual
results, performance or achievements of the Group to be materially different
from any future results, performance or achievements expressed or implied by
such forward looking statements. Except as required by the Listing Rules and
applicable law, the Company undertakes no obligation to update, revise or
change any forward looking statements to reflect events or developments
occurring after the date of this report.

 

Notes to editors

Motorpoint is the UK's leading independent E-commerce led omnichannel vehicle
retailer, focused on giving retail and trade customers the easiest, most
affordable and seamless way of buying, selling and financing their car whether
online, in store or a combination of both. Through its leading B2C platform
Motorpoint.co.uk and UK network of 20 sales and collection stores, the Group
provides an unrivalled offering in the nearly new car market, where consumers
can effortlessly browse, buy or finance their next car and collect or have it
delivered directly to their homes. Motorpoint's purely online wholesale
platform Auction4Cars.com sells vehicles into the wholesale B2B market that
have been part exchanged by retail customers, or purchased directly from them
by the Group as part of its online car buying service. Motorpoint's
diversified business model, underpinned by its established brand, industry
leading technology and sophisticated marketing infrastructure, always delivers
the best choice, value, service and quality for customers.

 

 

 

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