Vehicle retailer Motorpoint Group plc (LON:MOTR) sees pre-tax profit for the year reaching the upper end of the market forecast range but has sounded a cautious outlook amid Brexit concerns.
Motorpoint said an improved trading performance in the second half meant adjusted pre-tax profit was likely to be at the top end of market estimates of £14.6mln to £15.5mln.
Turnover for the year to 31 March 2017 rose 12.5% to £820mln compared to a year ago.
The fourth quarter achieved improved volumes in like-for-like sales following an increase in customer football and online traffic.
The group’s two most recently opened sites at Castleford and Oldbury also made a positive profit contribution in the final quarter.
However, the company said it expects a more subdued new car market following last year’s record performance as uncertainty over the UK’s exit from the European Union causes customers to exercise more caution in spending habits.
“The board is cautiously optimistic regarding the UK used vehicle market and remains confident that Motorpoint's independent and flexible model ensures the Group is well placed to continue to grow market share,” the group said.
Shares rose 6.27% to 148.78p in morning trading.