Business
Final Results and New Strategic Objectives
Final Results and New Strategic Objectives.
About this update from Motorpoint Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0642C\n Motorpoint Group plc\n 16 June 2021\n \n \n \n \n 16 June 2021\n \n \n Motorpoint Group PLC\n \n \n (\"Motorpoint\" or the \"Group\")\n \n \n \n \n \n Final Results and New Strategic Objectives\n \n \n \n \n \n New strategic objectives of achieving £1bn in online revenue and more than £2bn in total revenue in the medium term\n \n \n \n \n \n Accelerated investment in E-commerce driving strong online revenue growth \n \n \n \n \n \n Robust full year financial performance given COVID-19 disruption, with branches closed for over six months, and strong reopening performance in April 2021\n \n \n \n \n \n \n \n \n Motorpoint Group PLC, the UK's leading independent omnichannel vehicle retailer, today announces its final results for the year ended 31 March 2021 (\"FY21\"), and presents its new strategic objectives.\n \n \n \n \n \n New strategic objectives\n \n \n \n \n \n The Group has exciting plans to significantly increase its rate of growth, with the aim of at least doubling FY20 revenue to over £2bn in the medium term, with an improved margin and strong cash generation as we leverage the operating cost base.\n \n \n \n \n \n This will be achieved through:\n \n \n \n \n \n ●\n \n \n \n \n Growing our E-commerce revenue to over £1bn by substantially increasing investment in marketing, technology and data\n \n \n \n \n \n \n ●\n \n \n \n \n Opening 12 new sales and collection branches to service revenue growth, increasing investment in the customer proposition, and expanding our supply channels\n \n \n \n \n \n \n ●\n \n \n \n \n Leveraging our E-commerce Auction4Cars.com platform to accommodate new supply channels and to launch our marketplace offering\n \n \n \n \n \n \n ●\n \n \n \n \n Increasing operational efficiency through further automation and technology investment as customers migrate to E-commerce channels\n \n \n \n \n \n \n \n \n Our Auction4Cars.com business has a huge opportunity to disrupt the established vehicle auction market using the well respected and trusted Motorpoint brand to acquire stock, as well as from other vendors to supply the wholesale market, generating additional revenue and profit. Our plan scales this business significantly. We are launching developments to our existing online auction site (whi...