AGM Trading Update

Motorpoint Group plc

24 July 2024

 

24 July 2024

Motorpoint Group PLC

("Motorpoint" or the "Group")

AGM Trading Update

Motorpoint Group PLC, the UK's leading independent omnichannel used vehicle retailer, announces that John Walden, Chair of Motorpoint, will make the following statement at the Company's Annual General Meeting, to be held at 10:00am BST today, which is an update on trading for the first quarter ("Q1") of the financial year ending 31 March 2025 ("FY25"):

"The Board is pleased to report that the positive start to FY25, as outlined in the Final Results on 13 June 2024, has continued. Retail sales in Q1 grew strongly on the equivalent period in FY24. The Board remains confident that vehicle supply should increase, customer sentiment will continue to improve and that the Group will achieve its expectations for the full year. Net cash at 30 June 2024 was c.£6.5m, despite the Group having now bought back and cancelled 2.5m shares at a cost of £3.5m."

Motorpoint will provide an update on trading for the six months ending 30 September 2024 in October 2024.

Enquiries:

Motorpoint Group PLC Mark Carpenter, Chief Executive Officer Chris Morgan, Chief Financial Officer	via FTI Consulting
FTI Consulting (Financial PR) Alex Beagley Harriet Jackson Amy Goldup	020 3727 1000

Forward looking statements:  The information in this release is based on management information. This report includes statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Company undertakes no obligation to update, revise or change any forward looking statements to reflect events or developments occurring after the date of this report.

Notes to editors

Motorpoint is the UK's leading independent E-commerce led omnichannel vehicle retailer, focused on giving retail and trade customers the easiest, most affordable and seamless way of buying, selling and financing their car whether online, in store or a combination of both. Through its leading B2C platform Motorpoint.co.uk and UK network of 20 sales and collection stores, the Group provides an unrivalled offering in the nearly new car market, where consumers can effortlessly browse, buy or finance their next car and collect or have it delivered directly to their homes. Motorpoint's purely online wholesale platform Auction4Cars.com sells vehicles into the wholesale B2B market that have been part exchanged by retail customers, or purchased directly from them by the Group as part of its online car buying service. Motorpoint's diversified business model, underpinned by its established brand, industry leading technology and sophisticated marketing infrastructure, always delivers the best choice, value, service and quality for customers.

 

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