Car supermarket group hits sales target of £1bn
ACAR supermarket firm with a Widnes site has broken through the £1bn sales barrier for the first time in its history.
In its full year result, Motorpoint Group, which is headquartered in Derby but has an outlet on Derby Road in Widnes, said that in the year to March 31, it achieved revenues of £1.058bn, which is a 6.8% increase on the previous year.
The company, which is the UK’s largest independent vehicle retailer with sites across the country, also reported a 10% surge in pre-tax profits to £22.9m.
One of the reasons for Motorpoint’s success has been its growing levels of repeat customers. It said that repeat custom now accounted for 30% of its total customers.
Motorpoint specialises in the nearly-new vehicle market. The majority of its stock are up to two-years old and have covered less than 15,000 miles.
It sells vehicles from brands representing over 95% of new vehicle sales in the UK, with models from Ford, Vauxhall, Volkswagen, Nissan, Hyundai, Audi and BMW being among the top sellers.
Motorpoint initially started out with just one site in Chartwell Drive, Derby.
Today, it also has sites in Widnes, Burnley, Glasgow, Newport, Peterborough, Chingford, Birmingham, Birtley, Castleford, Oldbury and Sheffield.
Mark Carpenter, chief executive of Motorpoint Group, said: “We are pleased with the pro
gress that has been made over the course of the year, with the group delivering double-digit profit growth and achieving sales of over £1 billion for the first time.
“We have continued to gain market share, thanks to our value-orientated, customerfriendly proposition which has resulted in a record number of repeat customers coming through our doors along with consistently high levels of customer satisfaction reported.”
Next year the firm is set to open a new vehicle preparation centre at Peterborough – and it has acquired the land for what will be its 13th retail site.
Mr Carpenter said: “Our 13th retail site is expected to open in the second half of the current financial year and we are committed to bringing the Motorpoint brand closer to more people across the UK. being ●
“The group closed the year with a healthy cash position, thanks in part to our tight cost control and disciplined capital allocation. This has enabled us to deliver enhanced returns for our shareholders in the form of an increased dividend and continued buyback programme.”
Mr Carpenter said that despite the economic uncertainty caused by Brexit, the business was in good shape.
He said: “In spite of what remains a challenging market backdrop, as has been well documented, we are well positioned at the beginning of the new financial year with a healthy and competitive stock mix. As a group, we are confident about the opportunities ahead owing to the strengths of our people and our unique operating model, focused on delivering unrivalled choice, value and service.”