Business
Full Year Trading Update and Notice of Results
Full Year Trading Update and Notice of Results.
About this update from Motorpoint Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7486U\n Motorpoint Group plc\n 08 April 2021\n \n \n \n \n 8 April 2021 \n \n \n Motorpoint Group PLC\n \n \n (\"Motorpoint\" or the \"Group\")\n \n \n \n \n \n Full Year Trading Update and Notice of Results\n \n \n \n \n \n Accelerated digital investment drives strong online revenue growth through lockdown\n \n \n \n \n \n Motorpoint Group PLC, the UK's leading independent omni-channel vehicle retailer, provides the following update on its trading performance for the year ended 31 March 2021 (\"FY21\").\n \n \n \n \n \n Highlights\n \n \n \n \n \n · 68,000 vehicles sold in the year, including 25,000 via the Group's Auction4Cars.com platform\n \n · E-commerce investment prioritised, and results exceeded the Board's expectations\n \n · 52% of retail sales were sold online, over 22,000 units, with 3,300 sold in March alone\n \n · Q4 (Jan-Mar 2021) online sales grew 89% against prior year, with Home Delivery 57% of this\n \n · Balance sheet remains robust with no structural debt, and net cash at the year-end was c.£6m\n \n · H2 Net Promoter Score (NPS) of 83\n \n · \n Employee Engagement at record levels\n \n \n \n \n The Group delivered a robust volume performance in the period, underlining the strength of Motorpoint's omni-channel model and in particular, the momentum and potential of its online channel. 68,000 vehicles were sold, including 25,000 wholesale units through Auction4Cars.com. Of the retail sales 52% were sold online (over 22,000 units), retaining our position as the number one retailer of nearly new cars in the UK, both online and offline.\n The Group has prioritised investment in E-commerce, launching contactless collections, a free Home Delivery service, a 14-day money back guarantee and, most recently, a fully digital part exchange and finance offering enabling customers to complete their purchase process entirely online. These initiatives build from a strong history of online sales and previous investment in automation and data utilisation. In the first three months of 2021, when all retail branches were closed, online sales grew 89% against the equivalent period last year, with Home Delivery contributing 57% of this. In March alone, 3,300 units were sold online. The results from our accelerated invest...