LONDON (ShareCast) - (Sharecast News) - Motorpoint reported a jump in interim profit and revenue on Wednesday as it outperformed the used car market thanks to investment in data and technology.
In the six months to the end of September, pre-tax profit rose 80% to £3.6m, on revenue of £647.7m, up 15% on the same period a year earlier.

Motorpoint said it outperformed the wider used car market and benefitted from an increase in average vehicle selling price. Based on SMMT data, overall used car sales were up 2.8% in July to September on the previous year, while Motorpoint sales were 7.4% higher.

The company declared an interim dividend of 1p a share, having not declared one the previous year.

Chief executive Mark Carpenter said: "We significantly outperformed the wider used car market during the period, demonstrating that our proposition to make car buying easy continues to resonate strongly with customers.

"Our strategic investment in technology and the use of data and AI, combined with the exceptional service provided by our highly engaged team, has enabled us to sell more vehicles at market leading pricing and provide our customers with a seamless car buying experience. With technology, data and AI integral to our growth strategy going forward, we are also excited by several other strategic initiatives including new store openings, investment in existing stores and the expansion of our supply channels.

"While we are mindful of the imminent Autumn Budget, and the subsequent effect on the consumer environment, trading since the period end confirms that demand for Motorpoint cars remains strong. We therefore remain confident in our competitive offering and believe we are well positioned to continue to grow our position in the market while delivering sustainable shareholder value."

At 0917 GMT, the shares were up 1.9% at 157.45p.

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