Business
Year End Trading and Strategy Update
Year End Trading and Strategy Update.
About this update from Motorpoint Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3948H\n Motorpoint Group plc\n 06 April 2022\n \n \n \n \n 6 April 2022\n \n \n \n Motorpoint Group PLC\n \n \n (\"Motorpoint\" or the \"Group\")\n \n \n \n Year End Trading and Strategy Update\n \n \n Good progress against strategic objectives, with strong advancements in technology, branch expansion and market share growth\n \n \n Motorpoint Group PLC, the UK's leading independent omnichannel vehicle retailer, provides the following update on its performance for the full year ended 31 March 2022 (\"FY22\").\n \n \n \n Year End Trading Update\n \n \n \n The Group expects to report revenues of c.£1,320m (FY21: £722m), an increase of c.82% against FY21. \n \n \n \n \n \n \n · Retail units grew by c.45% on FY21 despite the well documented reduced supply of vehicles during the period.\n \n \n \n · Auction4Cars.com wholesale units grew by c.35%.\n \n \n \n · We continued to grow market share, and in the nine-month period to December 2021, our share of the 0-4 year old market was 3.0%, compared to 2.6% in the previous year.\n \n \n \n · Net Promoter Score, measuring customer satisfaction, was a record 84 (H2 FY21: 83).\n \n \n \n \n As planned, strategic capital and operating costs increased in FY22 as we further invested in future growth with priority placed on technology and marketing. Notwithstanding these investments, the Group anticipates reporting Operating Profit and Profit Before Tax for the year in line with the Board's expectations.\n \n \n \n Strategy Update\n \n \n In June 2021, we announced our objectives to significantly increase our rate of growth, with the aim of at least doubling FY20 revenue to over £2bn in the medium term, by:\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 · 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 · Leveraging our E-commerce platform \n Auction4Cars.com\n to accommodate new supply channels and to launch our marketplace offering.\n \n \n \n · Increasing operational efficiency through further automation and technology investment as customers migrate to E-commerce channels.\n \n \...