Motorpoint Group sees its “most difficult’ financial year

Motorpoint Group, the independent omnichannel vehicle retailer, has called the past financial year the most difficult in its history, due to multiple negative headwinds in the macro environment.

It came as the firm announced its final results for the year ended 31 March 2024 (FY24), in which revenue decreased by 24.6% to just under £1.1bn.

Meanwhile the businesses posted an underlying loss before tax of £8.2m and a reported loss before tax of £10.4m, both widening from £0.3m in the year prior.

Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “The past financial year was the most difficult in our history, with multiple negative headwinds in the macro environment such as rising borrowing costs and subdued customer demand, coupled with industry specific issues such as lower inventory and deflation.

“The resilience of our cash generation evidences the strength of our business model and we now look forward to continuing our journey of profitable growth as the improving trends of Q4 have continued into Q1.

“Following the rightsizing exercise of FY24, we now have a lean, technology-enabled business. I am very confident in our ability to scale profitability and cash generation as the market improves, which will allow us to invest further in growth.”

The businesses noted a positive start to FY25, with April and May both profitable.