Motorpoint Group PLC (LON:MOTR) shares ticked higher on Tuesday after the firm said its sales surpassed £1bn for the first time in its latest full year results.
For the year ended 31 March 2019, the car seller reported a profit before tax and exceptional items of £22.9mln, up 10% on the prior year, while revenues rose by 6.8% to £1.06bn.
READ: Motorpoint in reverse after tough second half, cautious on year ahead
The group also upped its final dividend to 5p per share, up from 4.6p in 2018, taking the full year payout to 7.5p from 6.6p.
The profit increase was bang in line with an April trading update, while the revenue rise was a touch above the predicted rise of 6%. However, this was a downward revision from previous estimates after the company endured tougher trading in the second half of the year.
Looking ahead, the company said it had entered its current financial year with “optimism” and was ideally placed to take market share despite ongoing political uncertainty and its “inevitable” impact on customer confidence.
Mark Carpenter, the company’s chief executive, said that Motorpoint’s 13th retail site was expected to open in the second half of the year.
"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”, the CEO said.
In a note to clients, analysts at Liberum reiterated their ‘buy’ rating and 277p price target on the stock, saying the results had generated “no surprises” and that the update was reassuring given the difficulties in the broader market.
In early trading, the shares were up 1.9% at 215p.