Motorpoint profit rises 13% on sales boost from existing sites

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Auto retailer Motorpoint Group reported a 13% rise in annual profit as it increased sales across its existing sites.

Pre-tax profit for the year through March rose to £22.9m, up from £20.0m on-year.

Revenue rose 6.8% to £1.06bn and adjusted profit rose 10% to £22.9m.

Motorpoint declared a final dividend of 5.0p per share, giving a full-year dividend of 7.5p, up from 6.6p on-year.

'We are pleased with the progress that has been made over the course of the year, with the group delivering double-digit profit growth and achieving sales of over £1bn for the first time,' chief executive Mark Carpenter said.

'We have continued to gain market share, thanks to our value-orientated, customer-friendly proposition which has resulted in a record number of repeat customers coming through our doors along with consistently high levels of customer satisfaction being reported.'

'In spite of what remains a challenging market backdrop, as has been well documented, we are well positioned at the beginning of the new financial year with a healthy and competitive stock mix.'

'As a group, we are confident about the opportunities ahead owing to the strengths of our people and our unique operating model, focused on delivering unrivalled choice, value and service.'