Motorpoint Group PLC (LSE:MOTR, OTC:MTPTF) said that trading conditions had eased ‘considerably’ in the first three months of 2024 and it was now trading consistently profitably.
Retail volumes rose by 9% year-on-year in the three months to end March said the omnichannel car dealership.
“As a consequence, January, February and March were all profitable months,” said the statement.
Margins also improved as Motorpoint cleared stock affected by the abrupt drop in used car values in the previous quarter.
Losses for the year to the end of March 2024 are now expected to be at the " favourable end of management expectations," the statement added.
Mark Carpenter, chief executive, commented: “We are achieving growth, increasing stock turn and improving margins, and this is expected to continue into FY25 as supply improves following recent new car registration growth.
“I am therefore optimistic for FY25.”
Motorpoint added it had no structural debt and £9 million of cash on 31 March 20243333