REG - Motorpoint Group plc - Interim Results
Today 07:00
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RNS Number : 1411H Motorpoint Group plc 12 November 2025
12 November 2025
Motorpoint Group PLC
("Motorpoint" or the "Group")
Interim Results
Market outperformance leading to strong sales and profit growth, driven by
investment in data and technology
Motorpoint Group PLC, the UK's leading independent omnichannel vehicle
retailer, today announces its unaudited interim results for the six months
ended 30 September 2025 ("H1 FY26").
H1 FY26 Financial Summary
Financial KPIs 6 months to 6 months to Change 12 months to 31 March 2025
30 September 2025 30 September 2024
Revenue £647.7m £563.1m +15.0% £1,173.1m
Gross profit £49.5m £44.7m +10.7% £90.8m
Operating expenditure £(41.0)m £(38.6)m +6.2% £(78.1)m
Other income nil nil nil £0.8m
Finance expense £(4.9)m £(4.1)m +19.5% £(9.4)m
Profit before taxation £3.6m £2.0m +80.0% £4.1m
Profit for the period £2.7m £1.5m +80.0% £3.2m
EBITDA((1)) £13.6m £11.1m +22.5% £23.9m
Basic earnings per share 3.2p 1.7p +88.2% 3.7p
Dividend 1.0p nil +1.0p 1.0p
Return on Capital Employed((2)) 58.8% 18.7% +4,010 bps 46.6%
(Debt)/ cash and cash equivalents £(0.5)m £11.2m -£11.7m £6.6m
(1) Earnings before interest, tax, depreciation and amortisation
(2) Last 12 months EBIT divided by average net assets over that period
· Total revenue increased 15.0% on the previous period,
outperforming the wider used car market and benefitting from an increase in
average vehicle selling price
· Data-led approach to buying and selling vehicles has resulted in
improved and stable metal margins
· Finance commission income remains subdued due to relatively high
interest rates
· Operating expenditure increase reflects opening of one new store,
minimum wage and national insurance increases, along with volume related
headcount increase
· Notable savings in other variable costs, following management
action, including energy and card payment fees
· Increased finance expense reflects higher stock levels, despite a
moderate decrease in interest rates
· Profit before tax increased 80.0% to £3.6m, and EBITDA by 22.5%
to £13.6m
· Cash movement influenced by £5.0m share buyback and increased
vehicle purchasing to satisfy demand
· Return on Capital Employed improved to 58.8%, from 18.7% in the
corresponding period last year, reflecting our increased profitability and
demonstrating the effectiveness of our capital light model
· In line with our progressive dividend policy announced at FY25
year end, an interim dividend of 1.0p is declared
Operational and Strategic Highlights
Operational KPIs 6 months to 30 September 2025 6 months to 30 September 2024 Change
Market share (0-6 year old) 2.50% 2.33% +17 bps
Net Promoter Score (NPS) 83 77 +6
Vehicles sold 47.40k 43.27k +9.5%
Retail 32.94k 30.25k +8.9%
Wholesale 14.46k 13.02k +11.1%
Days in stock 49 41 +8 days
Retail gross profit per unit £1,349 £1,317 +£32
Wholesale gross profit per unit £351 £369 -£18
Customer acquisition cost ((1)) £149 £147 +£2
(1) Total marketing cost per retail unit sold
· Retail volume growth of 8.9% compared with H1 FY25, demonstrating
strong performance versus the wider used car market. Based on SMMT data,
overall used car sales were up 2.8% in July to September on previous year;
Motorpoint were up 7.4%. Performance skewed towards newer vehicles
· Supply of nearly new vehicles continues to improve, reflected in
increased fleet channel buying activity and increased stock levels. Days in
stock influenced by higher stock levels towards the end of the period as we
gear up for demand in second half
· Successful negotiations with stock facility providers to increase
seasonal loan capacity from current £165m to £205m, to support growth
aspirations
· Over 9,750 cars acquired direct from consumers, an increase of
14.7% in the period, with scope for further improvement as marketing activity
increases
· Investment in a data-led approach to both buying and selling
vehicles is now embedded in our operational model and drove both an increase
in buying activity and continued strong metal margin performance and lower
levels of overage stock
· Further technology investment to develop our website and digital
brand awareness, along with benefitting from the advantages of adopting AI,
has resulted in significantly increased customer activity, and excellent sales
in the first half
· Efficiency focus has resulted in 14.5% increase in retail units
sold per FTE since FY23
· Successful implementation of a new finance ERP system to improve
controls and increase productivity
· Strong focus on customer experience has resulted in a notable
improvement in our NPS rating
· Included in the Sunday Times 'The 115 best big organisations to
work for 2025', reinforcing our commitment to maintaining a highly engaged
team
· Successful completion of second recent share buyback programme
with 3.0m shares bought back and cancelled at a cost of £5.0m. Since March
2024, £10.9m (including FY25 dividend) has been returned to shareholders,
with an overall reduction in shares in issue of over 7%
Current Trading and Outlook
· Strong momentum has continued into H2 FY26:
· Delivered retail volume growth of 8.1% in October and good
profitability
· Metal margins remain strong and used car prices stable
· Increased stock levels ahead of our busy Q4 trading period
· Vehicle supply direct from consumers increasing with resource and
marketing investment
· Expect macroeconomic pressures to gradually ease
· Acceleration of strategic growth plans
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC commented:
"I am pleased to report another strong performance in the first half of the
year, in which we increased our retail volumes by 8.9% and gross profit by
10.7%. We significantly outperformed the wider used car market during the
period, demonstrating that our proposition to make car buying easy continues
to resonate strongly with customers. Our strategic investment in technology
and the use of data and AI, combined with the exceptional service provided by
our highly engaged team, has enabled us to sell more vehicles at market
leading pricing and provide our customers with a seamless car buying
experience.
"With technology, data and AI integral to our growth strategy going forward,
we are also excited by several other strategic initiatives including new store
openings, investment in existing stores and the expansion of our supply
channels.
"While we are mindful of the imminent Autumn Budget, and the subsequent effect
on the consumer environment, trading since the period end confirms that demand
for Motorpoint cars remains strong. We therefore remain confident in our
competitive offering and believe we are well positioned to continue to grow
our position in the market while delivering sustainable shareholder value."
Analyst & investor webinar
There will be a webinar for sell-side analysts and investors at 9:30am BST
today, the details of which can be
obtained from FTI Consulting via motorpoint@fticonsulting.com
(mailto:motorpoint@fticonsulting.com) .
Enquiries:
Motorpoint Group PLC via FTI Consulting
Mark Carpenter, Chief Executive Officer
Chris Morgan, Chief Financial Officer
FTI Consulting (Financial PR)
Alex Beagley 020 3727 1000
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 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 21 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 and quality.
Non-Executive Chair's statement
Benefitting from effective management during downturn
The used car industry in the UK has faced difficult market conditions for
several years. High interest rates, periods of price volatility, depressed
consumer demand and constrained vehicle supply combined to cause upheaval in
the industry and reduce our sales and profits. Motorpoint responded well to
these conditions by restructuring to limit losses during FY24, and by
positioning the Company to benefit from future market improvements. We have
indeed begun to reap some benefits of these moves.
FY25 saw moderate improvement in macroeconomic headwinds - slight reductions
in interest rates, periods of improved consumer sentiment, more stable used
car pricing and some loosening of supply. In this environment, we grew retail
sales and market share strongly, increased our margins and reduced days in
stock, and returned to meaningful levels of profitability and cash generation
for the year.
Market conditions have improved modestly during the first half of FY26 as
vehicle supply is beginning to loosen and the UK economy is in slight growth.
The company also further progressed its implementation of strategic new
capabilities in data analytics, AI and online, and continued its operational
excellence. I am pleased that, as a result of these improvements, our
performance has continued to strengthen. The Company achieved meaningful
improvement in the period across our financial measures including revenue,
unit sales, market share and operating profit.
Motorpoint expects to continue to face less than robust market conditions for
the foreseeable future. Interest rates remain high, UK economic growth is
lacklustre, and the effect of global disruptions in trade on the UK used car
industry are unclear. Nevertheless, we are cautiously optimistic
that economic trends are broadly favourable, confident that Motorpoint is
well positioned to benefit from an improved used car market, and looking
increasingly to the future by increasing our investment in our strategic
capabilities.
Strategic opportunity
Four years ago, Motorpoint embraced the role of technology and digital
services in its business and set forth an ambitious goal to become the UK's
largest used car dealer. We believed that our strategic opportunity was to
provide market leading digital services, and to redefine the omnichannel
business model by developing integrated consumer journeys across our digital,
store, customer service and delivery channels that meet changing consumer
needs.
Through the challenging market of the past few years, the Company remained
committed to its strategic direction and to our belief in the size of the
opportunity, although our capacity to invest in our strategic plans was
naturally constrained. We have made modest but targeted strategic progress
while balancing our ambitions with responsible financial management.
With a positive FY25 and first half of FY26 behind us, and cautious optimism
for the future, we are once again making targeted investments toward our
long-term strategic plans. We are continuing our technological progress with
data tools, AI and our website, scaling our Sell Your Car direct purchase
proposition, testing market opportunities for aftersales service, and have
returned to our programme of adding stores. We remain convinced of our
long-term strategic opportunity and look forward to pursuing it with vigour as
conditions allow.
Capital allocation
Motorpoint has consistently demonstrated its ability to generate cash, even in
tougher economic times. Since the beginning of FY25 we have reintroduced a
dividend and, including today's interim dividend declaration, returned nearly
£12 million to shareholders. Our priority remains to invest cash responsibly
in pursuit of our ambitious strategic agenda. However, we believe the buybacks
and dividend are an appropriate use of excess cash and an enhancement to
shareholder value.
I would like to thank the Motorpoint team for their agility and resilience
over the past few years, which has positioned the business well. I am
delighted that their hard work has been rewarded with continued market
outperformance and a return to consistent profitability.
John Walden
Chair
Motorpoint Plc
12 November 2025
Chief Executive's statement
Overview
The Group delivered strong volume growth and significantly outperformed the
wider market in the first half of FY26, building upon the improvements
achieved last year. Our commitment to achieving profitable growth underpinned
by a highly efficient organisation, has played a huge part in this achievement
and a leaner, more profitable Motorpoint has been made possible by our highly
engaged team and excellent culture.
Data is increasingly fundamental to our business, supporting buying and
pricing decisions, underpinning strong metal margins, and enabling us to sell
more vehicles through market leading pricing and customer interaction.
Providing our customers with a seamless experience has continued to drive our
performance and our Net Promoter Score in the first half improved to 83. Our
Trustpilot score of 4.6 is one of the highest for car sales in the UK and
reinforces the high levels of customer satisfaction achieved.
Although the current economic uncertainty continues to impact consumer
confidence, I am confident that our omnichannel business model and exciting
strategic plans stand us in good stead going forward as we pursue expanded
supply channels and new store openings, while continuing to benefit from our
improved online and store channel integration and implementation of data and
AI to drive further efficiencies and improved customer experiences. We are
well placed to take full advantage of the opportunities that exist in our
market to build long term shareholder value.
Having navigated through a number of external headwinds in recent years and
executed on our Brilliant Basics programme to deliver operational excellence,
we returned to achieving profitable growth in FY25, with our momentum
providing a good line of sight going forward. Aligned with this momentum, the
pace of change within Motorpoint is accelerating. Having the right stock at
the right price is important, but we also need to engage with our customers to
provide them with a seamless omnichannel experience, that makes car buying
easy. We continue to invest in our website, our digital marketing expertise
and the use of AI to increase customer interaction success. AI agents have
enhanced the customer journey and improved conversion.
Strategic growth momentum
We have continued to invest in FY26, with data intelligence now being
fundamental to how we operate. As well as buying and pricing dynamically which
was implemented last year, data and AI play an important role in customer
interaction and in our preparation capability. In a low margin industry where
products typically depreciate over time, investing in data capabilities is
essential, with data-driven decision making enabling both cost base
efficiencies and exit price optimisation.
During the period, we also concentrated on building our preparation capability
with further investment in MOT lanes and a technician apprenticeship scheme
which represents good progress in developing our aftersales offer. Initial
aftersales activity has commenced, where capacity is available, and is focused
on high margin warranty repair work.
We continue to execute our strategy of expanding supply channels, opening new
stores, investing in our existing estate, and enhancing our capabilities in AI
and data. We are also focused on broadening brand reach and developing our
aftersales proposition. Motorpoint's competitive pricing for used cars remains
central to our mission, consistently attracting customers and differentiating
us from competitors.
The Board continues to review strategic plans, and whilst investing in organic
growth remains the priority, it has concluded that cash generation can also
support returning significant levels of excess cash to shareholders by way of
buybacks and dividends. I am pleased with the successful execution of the
second share buyback in recent years, with the purchase and cancellation of
3.0m shares at a cash cost of £5.0m, along with the re-introduction of our
progressive dividend policy and declaration to pay an interim dividend of 1p a
share (H1 FY25: nil).
A progress update on our strategic priorities:
Expansion of supply channels
· Increased fleet purchases
· Data led purchasing has grown bid conversion and margin in H1
FY26
· Supporting intelligent purchasing
· Sell Your Car (SYC) run rate transactions have doubled since the
beginning of FY26
· Over 9,750 cars bought direct from consumer - up 14.7%
· Stocking facility headroom increased to support growth
New store openings
· Despite market gains, still have a relatively small share of
highly fragmented market
· Aim for 10% share in our 0-6 year old markets; new Norwich store
performing to expectation
· Remains considerable opportunity for market share expansion and
further profitable growth
Data and AI to further inform buying and pricing
· Algorithmic based vehicle allocation underway
· Data driven pricing strategy implemented
· Agentic AI to reactivate closed quotes
· AI digital discovery assistant successfully tested, with
implementation in H2 FY26
· All cars on display with QR codes for pricing, generating strong
customer insight and productivity gains
Broaden brand reach
• For first time, most prominent Google used car retailer. Most
keywords in top three positions
· 37k+ YouTube subscribers; 10m views
· Focus on Google vehicle listing ads, AI product usage and
remarketing activity; lead costs down 25% on last year
· Aggregator diversification; record leads
· New expanded SYC CRM journey
Further technology development to enhance customer journey
· New finance ERP system
· New purchase ordering system
· Hybrid cloud environment allows performance, cost and efficiency
benefits
· Security posture investment
Develop aftersales offer
· MOT testing station roll out
· Successful trial of internal and external warranty repairs
· Technical development of internal team to learn new skills:
• Vehicle Prep Assistants (VPAs) to technicians
• Technicians to MOT tester/ warranty technicians
· Workshop upgrades
Motorpoint remains well positioned to accelerate growth and make significant
market share gains while capitalising on the above priorities to improve the
customer experience and increase efficiency.
The Motorpoint Virtuous Circle remains at the core of everything we do
Our operating model of how our employees and stakeholders interact, the
Motorpoint Virtuous Circle, combined with our values of Proud, Happy, Honest
and Supportive, continue to provide a robust framework for explaining how we
do business.
The Virtuous Circle begins with our employees. We measured team satisfaction
again and there continues to be strong satisfaction levels across all teams.
Our values scored highly, with 87% of the team saying that they were proud to
work for Motorpoint. We were also delighted to be named by the Sunday Times as
a best company to work for in 2025.
As the pace of business expansion increases, recruiting high calibre team
members is especially important, and we revamped our recruitment processes in
H1 FY26 to ensure we recruit the best. We also invested heavily in training,
with new courses introduced, and a strong focus on leadership and
self-development.
We believe that the engagement of our team is directly correlated to our
customers' satisfaction, the next piece of our Virtuous Circle. As we innovate
our omnichannel customer experiences, our highly engaged team continued to
deliver what we believe is a market leading proposition of Choice, Value, and
Quality to our loyal customers with an unerring focus on customer
satisfaction. We focused on improving the customer experience in H1 and are
delighted that our NPS rating has increased to 83 from 77.
The final piece of our Virtuous Circle is delivering for our shareholders. We
have been pleased to deliver profitable growth and returning to high Return on
Capital Employed in H1 FY26 of 58.8% (H1 FY25: 18.7%), as well as being able
to return £10.9m to shareholders since April 2024 and declare a dividend of
1p per share.
Environmental, Social and Governance (ESG)
Environmental performance continues to improve across our operations. We have
achieved our target to send less than 1% of waste to landfill, and our
recycling rate has increased from 60.3% to 66.8%. EPC ratings at Derby and
Portsmouth have increased following targeted renovations and efficiency
measures, and we have made good progress with ESOS actions. These upgrades
support our broader carbon reduction goals and regulatory readiness as well as
achieving ongoing savings. We continue to stock more Electric Vehicles and are
reviewing innovative ways to charge these efficiently.
Historic Finance Commissions
The Supreme Court issued its judgement on the October 2024 Court of Appeal
rulings in August 2025. They dismissed the bribery and fiduciary duty claims.
However, they upheld on the Court of Appeal's ruling which related to an
unfair relationship between customer and lender. This was based on specific
facts of the case.
Following this update, the Financial Conduct Authority (FCA) issued a
consultation document on 7 October 2025. This covered a redress scheme for
customers who had bought cars on finance. The consultation period has been
extended to December 2025.
Motorpoint's view continues to be that automotive brokers are not liable under
a redress scheme and therefore do not consider that any provision is required.
Outlook
Strong momentum has continued into H2 FY26. We have delivered retail volume
growth of 8.1% in October and good profitability. Metal margins remain strong
and used car prices stable, and stock levels increased ahead of the busy Q4
trading period. Vehicle supply direct from consumers is increasing with
resource and marketing investment. We expect macroeconomic pressures to
gradually ease, as we accelerate our strategic growth plans.
Mark Carpenter
Chief Executive Officer
12 November 2025
FINANCIAL REVIEW
Group financial performance headlines
The period experienced strong retail unit sales growth of 8.9% with 32.94k
retail vehicles sold (H1 FY25: 30.25k). Total revenue for the six months ended
30 September 2025 increased 15.0% to £647.7m (H1 FY25: £563.1m) reflecting
both higher volume and increased average selling price.
Gross profit was £49.5m (H1 FY25: £44.7m). Retail gross profit per unit
increased to £1,349 (H1 FY25: £1,317). During the period, increased metal
margin, through use of data and improved stock management, offset the impact
of subdued finance commissions.
Operating expenditure increased by 6.2% to £41.0m (H1 FY25: £38.6m),
reflecting one new store, a rise in headcount to keep up with the demand
driven by the growth in retail sales, wage inflation, and the employer
national insurance rise. Other variable costs were tightly controlled.
Profit before taxation improved to £3.6m (H1 FY25: £2.0m). Finance costs
increased to £4.9m (H1 FY25: £4.1m), due to higher inventory levels in the
period, despite a slight softening in interest rates. EBITDA improved to
£13.6m (H1 FY25: £11.1m).
Net debt at 30 September 2025 was £0.5m (31 March 2025: net cash of £11.2m),
reflecting continued build-up of inventory levels to satisfy increased demand
and the successfully completed share buyback which incurred a cash cost of
£5.0m.
Further to the re-introduction of the dividend in FY25, the Board has declared
an FY26 interim dividend of 1p per share which results in a cash cost of
£0.8m. This will be paid on 12 December 2025, to those shareholders on the
register at close of business on 21 November 2025.
Return on Capital Employed improved to 58.8% from 18.7% in H1 FY25,
demonstrating the effectiveness of a capital light model and improving
profitability.
Trading performance
The Group has two key revenue streams, being (i) vehicles sold to retail
customers via the Group's stores, call centre and digital channels, and (ii)
vehicles sold to wholesale customers via the Group's Auction4Cars.com website.
Retail Wholesale
Total
H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25
£m £m £m £m £m £m
Revenue 574.8 502.2 72.9 60.9 647.7 563.1
Gross profit 44.4 39.9 5.1 4.8 49.5 44.7
Retail
Retail units sold increased by 8.9% in the period, with a total of 32.94k
units being sold (H1 FY25: 30.25k). Average selling price was £16.4k, an
increase of 5.8% on the previous period.
Retail gross profit per unit increased to £1,349 (H1 FY25: £1,317), which
included greater focus on data-led pricing and stock management. Gross margin
of 7.7% declined slightly compared to prior period (H1 FY25: 7.9%), which
reflected an increase in average selling price. Last year benefited from the
inclusion of an administration fee for customers which was abolished in autumn
2024.
Days in stock increased to 49 days in the period (H1 FY25: 41 days). This
reflected strong buying, with increased stock levels sought to maximise sales
opportunities as we enter the second half of FY26.
Finance per vehicle sold increased in the period by 7.0% to £684 and extras
by 14.3% to £279, reflecting a broadened product mix.
Preparation costs per unit have increased slightly in the period, which
reflected an element of inflation and vehicle age mix, although efficiencies
introduced include in-house MOT testing and performing warranty repair work.
The business increased its focus during H1 FY26 to acquire more vehicles
directly from customers via its Sell Your Car platform. To date, this has
proved successful with a run rate doubling of vehicles acquired.
Wholesale
Wholesale units via Auction4Cars.com, which sells vehicles that have been part
exchanged by retail customers, or directly purchased from consumers, increased
by 11.1%. 14.46k vehicles were sold via this purely online platform (H1 FY25:
13.02k). Wholesale gross profit per unit was broadly consistent with the
previous period at a healthy £351 (H1 FY25: £369).
Operating expenses
Operating expenses increased from £38.6m in H1 FY25 to £41.0m. Full time
equivalent employees increased to 787, from 746 at 30 September 2024, as we
responded cautiously to increased demand, as well as the opening of the
Norwich store in December 2024. Employee costs also rose as a result of
inflation and employer national insurance increases. Marketing costs increased
from £4.4m to £4.9m as we continue to target more market share. Customer
acquisition cost per retail unit remained constant at £149 (H1 FY25: £147).
Other variable costs were tightly controlled, with notable energy and bank
card fee reductions.
Interest
The Group's net finance expense was £4.9m (H1 FY25: £4.1m); reflecting
higher stock levels maintained throughout the period despite a slight easing
of interest rates.
Total interest charges on the stocking facilities in the period were £3.5m
(H1 FY25: £3.0m), reflecting higher inventory holding. Interest on lease
liabilities was £1.1m (H1 FY25: £1.0m) and interest on banking facilities
was £0.3m (H1 FY25: £0.1m).
Taxation
The tax charge of £0.9m is based on the standard corporation tax rate of
25.0% (H1 FY25: 25.0%).
Shares
At 30 September 2025, 83,619,822 ordinary shares were outstanding, and
3,987,590 held in the Employee Benefit Trust. The share number decreased by
3.5% from 86,619,822 at the start of the financial year, as a result of the
most recent buyback.
Earnings per share
Basic and diluted earnings per share were 3.2p and 3.1p respectively (H1 FY25:
both 1.7p).
Dividends
A dividend was re-introduced in the FY25 full year results and £0.9m was paid
during H1 FY26. The Board has declared an interim dividend of 1p per share
with an associated cash cost of £0.8m (H1 FY25: £Nil).
Capital expenditure
Capital expenditure was £1.3m (H1 FY25: £2.3m) with main items including
spend on MOT bays and technical investment. Tight controls are in place to
manage spend responsibly.
Balance sheet
Net assets decreased since year end by £2.6m to £24.3m, which was due to the
share buyback completed during the period, offset by increased profitability.
Non-current assets were £62.3m (31 March 2025: £70.7m) made up of £10.5m of
property, plant and equipment, £48.3m right-of-use assets, intangible assets
of £2.2m and a deferred tax asset of £1.3m (31 March 2025: £15.4m, £51.0m,
£3.0m and £1.3m respectively). In addition, the £4.9m asset held for sale
relates to proposed sale and leaseback of the Derby site.
The Group closed the period with £186.9m of inventory, up from £151.4m at 31
March 2025. Days in stock for the period were 49 days (H1 FY25: 41 days and
FY25: 43 days).
At 30 September 2025, the Group had £165.0m (31 March 2025: £165.0m) of
stocking finance facilities available of which £143.5m (31 March 2025:
£122.4m) was drawn. (Total is split Black Horse Limited £90.0m, and £75.0m
with Lombard North Central Plc). During the first half, additional seasonal
uplifts were agreed with both Lombard (£25.0m) and Black Horse (£15.0m).
These will be made available during seasonal peaks in Q3 and Q4 on an annual
basis going forward.
The Group also had a banking facility with Santander UK plc, split between
£6.0m available as an uncommitted overdraft and £14.0m available as a
revolving credit facility, at 30 September 2025.
Trade and other receivables of £21.6m increased from year end due to a rise
in prepayments based on vendor activity (31 March 2025: £13.4m).
Trade and other payables, inclusive of the stock financing facilities, have
increased to £197.4m (31 March 2025: £155.2m) with most of the movement
being due of the increase in the stocking facility balance.
There was a decrease in total lease liabilities to £55.0m (31 March 2025:
£57.4m).
Cash flow
Cash flow from operations was £8.6m inflow (H1 FY25: £16.0m inflow). The
fall represents increased buying activity resulting in higher stock levels to
achieve increased growth in market share.
Other main items in the cash flow include capital expenditure of £1.3m (H1
FY25: £2.3m), principal lease repayments of £3.6m (H1 FY25: £2.9m),
interest payments of £4.9m (H1 FY25: £4.1m) and share buyback payments of
£5.0m (H1 FY25: £4.7m).
Capital allocation
The Group's objective when managing working capital is to ensure adequate
working capital for all operating activities and liquidity, including
comfortable headroom to take advantage of opportunities, or to weather short
term downturns. The Group also aims to operate an efficient capital structure
to achieve its business plan.
Our Capital Allocation Policy is aligned to strategy, whilst rewarding
shareholders by maximising return through a disciplined deployment of cash
generated.
Organic Growth and Margin Expansion
Grow retail volumes ahead of used car market, and margins, by investing in new
stores, data, brand, technology and new income streams.
Treatment of Excess Capital
The Board is committed to maintaining an efficient balance sheet; its
expectation is that excess cash, over and above investment opportunities to
support growth, will be returned to shareholders, in the form of share
buybacks or dividends.
Acquisitions
Consider only if earnings per share accretive, attractive risk profile and
clear industry logic.
The share buyback programme, which commenced on 3 April 2025, was successfully
completed on 19 August 2025. 3,000,000 ordinary shares in the Company were
repurchased on the London Stock Exchange for cancellation, at an average price
of 165.3p per share and a total cost, excluding expenses, of £5.0m. This
represented 3.5% of the issued share capital of the Company from when this
latest buyback programme commenced. Since the share buyback programmes began
in March 2024, along with the dividend re-introduction, £10.9m has been
returned to shareholders, and the Group's shares in issue reduced by 7.3%.
The Board has declared the payment of an interim dividend of 1p per share with
an associated cash cost of £0.8m (H1 FY25: £Nil).
Chris Morgan
Chief Financial Officer
12 November 2025
RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF THE FY26 UNAUDITED
INTERIM RESULTS
The Directors confirm that these condensed consolidated interim financial
statements have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the European Union
and that the interim management report includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the
first six months and their impact on the condensed consolidated interim
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year; and
· material related-party transactions in the first six months and
any material changes in the related-party transactions described in the last
annual report.
A list of current Directors and their biographies is maintained on the
Motorpoint Group PLC website www.motorpointplc.com
(https://www.motorpointplc.com)
By order of the Board
Mark Carpenter
Chief Executive Officer
12 November 2025
Statement of Comprehensive Income
For the six months ended 30 September 2025
Unaudited Six Months ended 30 September 2025 Unaudited Six Months ended 30 September
2024
Note £m £m
Revenue 6 647.7 563.1
Cost of sales (598.2) (518.4)
Gross profit 49.5 44.7
Operating expenses (41.0) (38.6)
Operating profit 7 8.5 6.1
Finance costs 8 (4.9) (4.1)
Profit before taxation 3.6 2.0
Taxation (0.9) (0.5)
Profit for the period 2.7 1.5
Total comprehensive income for the period attributable to equity holders of 2.7 1.5
the parent
Earnings per share
Basic 9 3.2p 1.7p
Diluted 9 3.1p 1.7p
The Group's activities all derive from continuing operations.
Total comprehensive income for the period is all attributable to the
shareholders of the Company.
Condensed Consolidated Balance Sheet
As at 30 September 2025
Restated*
As at
30 September 2025 (unaudited) 30 September 2024 (unaudited) 31 March 2025
Note £m £m £m
ASSETS
Non-current assets
Property, plant and equipment 10.5 9.7 15.4
Right-of-use assets 48.3 52.0 51.0
Intangible assets 2.2 3.1 3.0
Deferred tax assets 1.3 1.4 1.3
Total non-current assets 62.3 66.2 70.7
Current assets
Inventories 186.9 129.3 151.4
Trade and other receivables 21.6 17.9 13.4
Cash and cash equivalents 4.5 11.2 6.6
Assets held for sale 10 4.9 2.4 -
Total current assets 217.9 160.8 171.4
TOTAL ASSETS 280.2 227.0 242.1
LIABILITIES
Current liabilities
Trade and other payables, excluding contract liabilities (197.4) (137.1) (155.2)
Lease liabilities (7.1) (6.0) (6.0)
Current tax liabilities (1.4) (0.3) (0.5)
Total current liabilities (205.9) (143.4) (161.7)
NET CURRENT ASSETS 12.0 17.4 9.7
Non-current liabilities
Lease liabilities (47.9) (52.6) (51.4)
Provisions (2.1) (2.6) (2.1)
Total non-current liabilities (50.0) (55.2) (53.5)
TOTAL LIABILITIES (255.9) (198.6) (215.2)
NET ASSETS 24.3 28.4 26.9
EQUITY
Share capital 12 0.8 0.9 0.9
Capital redemption reserve 0.2 0.1 0.1
Capital reorganisation reserve (0.8) (0.8) (0.8)
Employee Benefit Trust reserve (7.7) (4.7) (8.5)
Retained earnings 31.8 32.9 35.2
TOTAL EQUITY 24.3 28.4 26.9
*See note 13 for explanation of restatement at 30 September 2024
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 September 2025
Six Months ended 30 September Share capital Capital redemption reserve Capital reorganisation reserve EBT Retained earnings Total
reserve
equity
2025 (Unaudited)
£m £m £m £m £m £m
At 1 April 2025 0.9 0.1 (0.8) (8.5) 35.2 26.9
Profit for the period - - - - 2.7 2.7
Total comprehensive income for the period - - - - 2.7 2.7
Transactions with
owners in their capacity
as owners:
Share-based payments - - - - 0.6 0.6
Buyback and cancellation of shares (0.1) 0.1 - - (5.0) (5.0)
EBT share purchases and commitments - - - - - -
Share-based compensation options satisfied through EBT - - - 0.8 (0.8) -
Payment of dividends
- - - - (0.9) (0.9)
At 30 September 2025 0.8 0.2 (0.8) (7.7) 31.8 24.3
Six Months ended 30 September Share capital Capital redemption reserve Capital reorganisation reserve EBT Retained earnings Total
reserve
equity
2024 (Unaudited)
£m £m £m £m £m £m
At 1 April 2024 0.9 0.1 (0.8) (5.1) 36.0 31.1
Profit for the period - - - - 1.5 1.5
Total comprehensive income for the period - - - - 1.5 1.5
Transactions with
owners in their capacity
as owners:
Share-based payments - - - - 0.5 0.5
Buyback and cancellation of shares - - - - (4.7) (4.7)
Share-based compensation options satisfied through EBT - - - 0.4 (0.4) -
At 30 September 2024 0.9 0.1 (0.8) (4.7) 32.9 28.4
Condensed Consolidated Cash Flow Statement
For the six months ended 30 September 2025
Unaudited Six Months ended 30 September 2025 Unaudited Six Months ended 30 September 2024
£m £m
Profit attributable to equity shareholders 2.7 1.5
Adjustments for:
Taxation charge 0.9 0.5
Finance costs 4.9 4.1
Operating profit 8.5 6.1
Share-based payments 0.6 0.5
Depreciation and amortisation charges 5.1 5.0
Profit on disposals of property, plant and equipment - (0.1)
Cash flow from operations before movements in working capital 14.2 11.5
Increase in inventory (35.5) (26.9)
(Increase) / decrease in trade and other receivables (8.2) 1.3
Increase in trade and other payables 38.1 30.1
Cash generated from operations 8.6 16.0
Interest paid on borrowings and financial facilities (3.9) (3.1)
Interest paid on lease liabilities (1.0) (1.0)
Net cash generated from operating activities 3.7 11.9
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets (1.3) (2.3)
Net cash used in investing activities (1.3) (2.3)
Cash flows from financing activities
Payments to acquire own shares (5.0) (4.7)
Repayment of leases (3.6) (2.9)
Payment of dividends (0.9) -
Repayment of borrowings (38.5) (14.0)
Proceeds from borrowings 43.5 14.0
Net cash used in financing activities (4.5) (7.6)
Net (decrease) / increase in cash and cash equivalents (2.1) 2.0
Cash and cash equivalents at the beginning of the period 6.6 9.2
Cash and cash equivalents at end of the period 4.5 11.2
Net cash and cash equivalents comprises:
Cash at bank 4.5 11.2
The notes form an integral part of these Condensed Consolidated Interim
Financial Statements.
1. Basis of Preparation
Motorpoint Group Plc (the Company) is incorporated and domiciled in the United
Kingdom under the Companies Act 2006.
The Company is a public company limited by shares and is listed on the London
Stock Exchange; the address of the registered office is Champion House,
Stephensons Way, Derby, DE21 6LY. The Condensed Consolidated Interim Financial
Statements of the Company as at and for the six months ended 30 September 2025
comprise the Company, all of its subsidiaries and the Motorpoint Group Plc
Employee Benefit Trust (the 'EBT'), together referred to as the "Group". These
Interim financial statements are presented in pounds sterling because that is
the currency of the primary economic environment in which the Group operates.
The Condensed Consolidated Interim Financial Statements for the six months
ended 30 September 2025 are unaudited and the auditors have not performed a
review in accordance with ISRE 2410, Review of Interim Financial Information
Performed by the Independent Auditor of the Entity.
Going Concern
The interim financial statements are prepared on a going concern basis. The
Group regularly reviews market and financial forecasts and has reviewed its
trading prospects in its key markets.
The Group has continued to manage its net debt comfortably, with headroom at
the period end of £9.0m on the Revolving Credit Facility. The Board considers
that the available headroom, coupled with the highly cash generative nature of
the business and the available cash levers provide a strong degree of
financial resilience and flexibility.
The Board has reviewed the latest forecasts of the Group, including the impact
of multiple scenarios, and considered the obligations of the financing
arrangements.
For the purpose of considering going concern the Group focuses on a period of
at least 12 months from the point of signing the interim results.
The Board has considered a severe but plausible downside scenario, when
compared with the base model, in considering the going concern status of the
Group, reducing volumes and prices, and increasing interest rates and
comparing with headroom available against banking covenants and liquid
resources required to continue trading. In this case, the business would make
efforts to reduce expenditure at both current sites and consider the capital
expenditure for any new sites. This scenario demonstrates that the Group would
comply with the relevant covenants.
The Directors are aware of the impact of potential economic headwinds as
described previously, but after assessing these risks do not believe there to
be a material risk to the going concern of the Group.
Given the continued historical liquidity of the Group, and sufficiency of
reserves and cash in the stressed scenarios modelled, and in addition to
increased profitability, the Board has concluded that the Group has adequate
resources to continue in operational existence over the going concern period
and into the foreseeable future thereafter. Accordingly, they continue to
adopt the going concern basis in preparing the interim results.
2. Statement of Compliance
These Condensed Consolidated Interim Financial Statements have been prepared
in accordance with UK adopted IAS 34 Interim Financial Reporting and the
Disclosure and Transparency Rules sourcebook of the UK's Financial Conduct
Authority. The financial information included does not constitute statutory
accounts within the meaning of section 434 of the Companies Act 2006 ('the
Act') and do not include all the information required for full annual
financial statements. Accordingly, they should be read in conjunction with the
Annual Report and Financial Statements of Motorpoint Group PLC for the year
ended 31 March 2025. These condensed consolidated interim financial statements
were approved by the Board of Directors on 11 November 2025.
3. Significant Accounting Policies
The same accounting policies, presentation and methods of computation which
were followed in the preparation of the Annual Report and Financial Statements
for Motorpoint Group PLC for the period ended 31 March 2025 have been applied
to these Condensed Consolidated Interim Financial Statements where applicable.
The accounting policies and details of new standards adopted in the year ended
31 March 2025 are listed in the Motorpoint Group PLC Annual Report and
Financial Statements on pages 131-140.
4. Comparative Figures
The comparative figures for the financial year ended 31 March 2025 are
extracted from the Motorpoint Group PLC Annual Report and Financial Statements
for that financial year. The accounts have been reported on by the Company's
auditor and delivered to the Registrar of Companies. The report of the auditor
was (i) unqualified (ii) did not include a reference to any matters to which
the auditor drew attention by way of emphasis without qualifying their report
and (iii) did not contain a statement under section 498(2) or (3) of the Act.
5. Segmental Reporting
The Group has prepared segmental reporting in accordance with IFRS 8
'Operating Segments'. The Group's chief operating decision maker is considered
to be the Board of Directors. Segmental information is presented on the same
basis as the management reporting. An operating segment is a component of the
business where discrete financial information is available and the operating
results are regularly reviewed by the Group's chief operating decision maker
to make decisions about resources to be allocated to the segment and to assess
its performance.
Operating segments are aggregated into reporting segments to combine those
with similar characteristics.
The Group operates its omnichannel vehicle retailer offering through a store
network and separate financial information is prepared for these individual
store operations. These stores are considered separate 'cash generating units'
for impairment purposes. However, it is considered that the nature of the
operations and products is similar and they all have similar long term
economic characteristics and the Group has applied the aggregation criteria of
IFRS 8. In addition, the Group operates an independent trade car auction site
offering a business-to-business entirely online auction marketplace platform
which is assessed by the Board as a separate operation and thus there are two
reportable segments: retail and wholesale.
Retail Retail Wholesale Wholesale Total Total
30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024
£m £m £m £m £m £m
Revenue 574.8 502.2 72.9 60.9 647.7 563.1
Cost of sales 530.4 (462.3) 67.8 (56.1) 598.2 (518.4)
Gross profit 44.4 39.9 5.1 4.8 49.5 44.7
6. Revenue
Revenue represents amounts chargeable, net of value added tax, in respect of
the sale of goods and services to customers. Revenue is measured at the fair
value of the consideration receivable, when it can be reliably measured, and
the specified recognition criteria for the sales type has been met. The
transaction price is determined based on periodically reviewed prices and are
separately identified on the customer's invoice. There are no estimates of
variable consideration.
The transaction price for motor vehicles and motor related services is at fair
value as if each of those products are sold individually.
(i) Sales of motor vehicles
Revenue from the sale of retail motor vehicles is recognised when the control
has passed; that is, when the vehicle has been collected by, or delivered to,
the customer. Payment of the transaction price is due immediately when the
customer purchases the vehicle. Sales of accessories, such as mats, are
recognised in the same way.
Revenue from the sale of wholesale vehicles is recognised when the control has
passed; that is, when full payment has been made for the vehicle. The Group
also sells wholesale vehicles in bulk transactions to auction houses. When
this is the case revenue is recognised upon the earlier of collection of the
vehicles or full payment.
The Group operates a return policy which is consistent with the relevant
consumer protection regulations. This is offered in the form of a 14 day money
back guarantee for home delivery customers.
(ii) Sales of motor related services and commissions
Motor related services sales include commissions on finance introductions,
extended guarantees, paint protection products, and cosmetic and alloy wheel
maintenance plans. Sales of paint protection products are recognised when the
control has passed; that is, the protection has been applied and the product
is supplied to the customer.
The assessment is based on whether the Group controls the specific goods and
services before transferring them to the end customer, rather than whether it
has exposure to significant risks and rewards associated with the sale of
goods or services.
The Group receives commissions when it arranges finance, insurance packages,
extended warranty and paint/cosmetic protection for its customers, acting as
agent on behalf of a limited number of finance, insurance and other companies.
For finance and insurance packages, commission is earned and recognised as
revenue when the customer draws down the finance or commences the insurance
policy from the supplier which coincides with the delivery of the product or
service. Commissions receivable for all motor related services are paid
typically in the month after the finance is drawn down. For extended warranty
and paint/cosmetic protection, the commission earned by the Group as an agent
is recognised as revenue at the point of sale on behalf of the principal.
Six Months ended 30 September 2025 Six Months ended 30 September 2024
£m £m
Revenue from sale of motor vehicles 615.9 536.2
Revenue from motor related services and commissions 28.7 23.8
Revenue recognised that was included in deferred income at the beginning of 0.1 0.1
the period - Sale of motor vehicles
Revenue recognised that was included in deferred income at the beginning of 3.0 3.0
the period - Motor related services and commissions
Total Revenue 647.7 563.1
7. Operating profit
Analysed as:
Operating profit includes the effect of charging / (crediting): Six Months Six Months
ended 30 September ended 30 September
2025 2024
£m £m
Inventory recognised as expense 595.8 516.2
Movement in provision against inventory 0.1 0.9
Employee benefit expense 20.7 19.1
Depreciation of property, plant and equipment and right-of-use assets 4.4 4.3
Amortisation of intangible assets 0.7 0.7
Expense on short term and low value leases 0.1 0.1
Profit on disposals of property, plant and equipment and right-of-use assets - (0.1)
Total expenses comprise: Six Months Six Months
ended 30 September ended 30 September
2025 2024
£m £m
Cost of sales 598.2 518.4
Operating expenses:
Selling and distribution expenses 9.9 9.3
Administrative expenses 31.1 29.3
Total operating expenses 41.0 38.6
Total expenses 639.2 557.0
8. Finance costs
Six Months ended 30 September Six Months ended 30 September
2025 2024
£m £m
Interest on bank borrowings 0.3 0.1
Interest on stocking finance facilities 3.5 3.0
Other interest payable 1.1 1.0
Total finance costs 4.9 4.1
9. Earnings per Share
Basic and diluted earnings per share are calculated by dividing the earnings
attributable to equity shareholders by the weighted average number of ordinary
shares at the end of the period.
Six Months ended 30 September 2025 Six Months ended 30 September 2024
Profit attributable to ordinary shareholders (£m) 2.7 1.5
Weighted average number of ordinary shares in Issue ('000) 84,994 88,261
Basic Earnings per share (pence) 3.2 1.7
Diluted number of shares in issue ('000) 85,999 88,600
Diluted Earnings per share (pence) 3.1 1.7
The difference between the basic and diluted weighted average number of shares
represents the dilutive effect of the various Group share plans. This is shown
in the reconciliation below.
Six Months Six Months ended 30 September
ended 30 September
2024
2025
Weighted average number of ordinary shares in Issue ('000) 84,994 88,261
Adjustment for share options ('000) 1,005 339
Weighted average number of ordinary shares for diluted earnings per share
('000)
85,999 88,600
10. Assets held for sale 30 September 2025 30 September 2024
£m £m
Land and buildings 4.9 2.4
Assets classified as held for sale comprise land and buildings relating to the
Group's site in Derby, which will be subsequently leased back.
11. Borrowings
During the period the Company renegotiated the terms of its stocking
facilities to include seasonal uplifts of £40.0m, increasing available
headroom from £165.0m to £205.0m through Q3 and Q4 on an annual basis going
forward. As at the reporting date £5m of the revolving credit facility (H1
FY25: £Nil) and £Nil of the overdraft (H1 FY25: £Nil) was drawn down. The
terms of the revolving credit facility and overdraft require a full repayment
for a period of at least one day or more in each financial year and half year
with no less than one month between repayments.
The finance charge for utilising the revolving credit facility was dependent
on the Group's borrowing ratios as well as the base rate of interest in
effect. During the period ended 30 September 2025 interest was charged at 6.3%
(H1 FY25: 7.0%) per annum. The interest charged for the period of £0.3m (H1
FY25: £0.1m) has been expensed as a finance cost.
12. Share Capital
30 September 2025 31 March 2025
Number Amount Number Amount
'000 £m '000 £m
Allotted, called up and fully paid ordinary shares of 1p each
Balance at the beginning of the period 86,620 0.9 89,970 0.9
Released from treasury awaiting cancellation - - 30 -
Cancelled treasury shares - - (30) -
Bought back and cancelled during the period (3,000) (0.1) (3,350) -
Balance at the end of the period 83,620 0.8 86,620 0.9
During the period 3,000,000 shares were purchased in accordance with the terms
of the share buyback programme, which commenced on 3 April 2025. All of these
shares were cancelled as at 30 September. The shares were acquired at an
average price of 165.3p per share, with prices ranging from 120.3p to 185.0p.
The 3,000,000 shares bought back and cancelled represent 3.5% of the issued
ordinary shares, at a purchase cost of £5.0m.
The Group does not have a limited amount of authorised capital.
13. Prior year restatement
Right-of-use assets and lease liabilities
The financial statements for the six months ended 30 September 2024 have been
restated to reflect a prior period adjustment relating to right-of-use assets
and lease liabilities. This adjustment was disclosed in note 37 of the Annual
Report and Financial Statements of Motorpoint Group PLC for the year ended 31
March 2025.
The following table summarises the impact on the Group's consolidated
financial statements:
As at 30 September 2024 (as previously reported)
£m As at 30 September 2024 (restated)
£m
Total adjustments
£m
Consolidated balance sheet (extract)
Right-of-use assets 51.4 0.6 52.0
Total assets 226.4 0.6 227.0
Lease liabilities (current) (4.5) (1.5) (6.0)
Lease liabilities (non-current) (53.5) 0.9 (52.6)
Total liabilities (198.0) (0.6) (198.6)
Net assets 28.4 - 28.4
14. Dividends
The aggregate amount of dividend comprises:
Six Months Six Months ended 30 September 2024
ended 30 September
2025 £m
£m
2025 final dividend paid (1p on 85.2m ordinary shares) 0.9 -
Subsequent to the end of the period, the Directors have declared a 1p per
share interim dividend (H1 FY25: Nil), payable on 12 December 2025, with a
record date of 21 November 2025.
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