Motorpoint Group PLC (LON:MOTR) has said it expects profit before tax for the six months to September 30, 2020, to be higher than last year.
Demand levels have exceeded management's expectations with strong year-on-year sales growth since showrooms reopened in June, the group said in a trading update.
READ: Motorpoint skips dividend though sales recover after reopening
Margins have been above recent levels reflecting improvements in vehicle preparation speed and pricing methodology, the car dealer added.
The closures in April and May resulted in losses of £3mln but the group returned to profitability in June.
The Coronavirus Job Retention Scheme and Business Rates relief measures introduced by the government helped in its cutting costs by £3mln.
At the end of September 2020, the firm had net cash of £13mln.
“The first half performance demonstrates the strength of the model and agility in terms of the growth online,” analysts at Liberum Capital said in a note to clients.
Shares shed 5% to 293p on Thursday morning.