Motorpoint Group PLC (LON:MOTR) has made good and then some on its trading update in April as the company reported a jump in revenue in its final results for the year.
The used car marketplace reported revenue growth of 20.6% to £991.2mln, a higher growth rate than the 18% it forecast in a trading update in April, while pre-tax profits climbed 70.9% to £20mln.
READ: Motorpoint expects profits at ‘upper end of market expectations’ after year of strong trading
The group also upped its final dividend to 4.6p per share from 2.9p last year, increasing the full-year dividend 57.1% to 6.6p.
Motorpoint also reiterated its commitment to a £10mln share buyback that began in March.
In its outlook, the company said each of its three strategic objectives; online sales, new sites, and its existing estate growth, were performing well and continued to show growth against current market data.
The firm added that its offering would remain successful despite ongoing political and economic uncertainty.
Mark Carpenter, chief executive of Motorpoint, said: "The Group has delivered a strong performance over the year and I am pleased with the progress we continue to make as a business. With our 12th site in Sheffield having opened in the year, we remain focused on the geographic expansion of our compelling, value oriented proposition and winning further market share.
He added: “Whilst we are mindful of the wider economic and political climate, thanks to our differentiated business model, we are well positioned to continue to grow and are confident about our prospects for the year ahead."