Motorpoint Plc Ord (MTPTF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

results for FY23. We'll just skip straight into the agenda, which is we cover some highlights from last year. Chris will then take us through the financial highlights and an ESG update, and then back to me for a strategic update and outlook. So having finished the year in March, we remain the UK's leading omnichannel used vehicle retailer, and we continue to invest for our significant profitable and long term growth going forward. Just a quick reminder of what our focus is. We have two channels, Motorpoint, which is our retail business and then auction for cars, which is our wholesale business. And Motorpoint sells cars mainly in the four years and 30,000 miles, cars and commercial vehicles. And the sources of those are through part exchange for customers through the usual channels, and also sell your car, which is our C2B channel, and then auction for cars sources from the public, whether it be a part exchange or sell your car. One thing to always remember with the company is our focus on our people and our virtuous circle model continues to be at the forefront of what we do. Fundamentally believe a happy, engaged workforce drives outstanding customer satisfaction and that then leads to long term shareholder value. So we continue with that model, whether the trading cycle is good or not so good. And that's very important to us. Just to recap on FY23. So the results obviously are dramatically different to the previous year. partly because of the investment levels that we're making, but also I think it is important to look at the headwinds that we suffered in FY23. So well documented and continued nearly new vehicle shortages. We used to be a zero to two business, we're now a zero to four business, but that market still remains around 35% lower than the peak and still...