UK's Motorpoint drops on lower HY profit, revenue

Motorpoint

23/11/2023 09:11

** Shares of vehicle retailer Motorpoint Group  MOTR.L  down
5.7% at 73p; stock is top pct loser in FTSE small-cap index
 .FTMC  
    ** Co logs HY rev of 607.2 mln pounds ($756.63 mln), down
22.8% due to shrinkage of nearly new used car market and wider
headwinds in economic environment
    ** Adds that affordability has become an increasingly big
issue for consumers
    ** Co HY gross profit declines by 22.6% to 37.7 mln pounds,
driven by lower volumes and fall in finance commissions
    ** As of last close, stock down 46.6% YTD



    ($1 = 0.8025 pounds)

 (Reporting by Zainab Saifuddin Saifee in Bengaluru)
 ((Zainab.SaifuddinSaifee@thomsonreuters.com; +91 8766460080;))