It was a far stronger second half for car retailer Motorpoint (MOTR) after the vote to leave the European Union derailed margins at the half-way mark, as management reduced prices to protect stock turn. As prices stabilised, the group managed to finish the year with a 13 per cent improvement in revenues, although £4m in exceptional IPO-related costs still took a bite out of the bottom line. Operating expenses also escalated as the group continued to open more retail sites - it now counts 12 in its portfolio - but chief executive Mark Carpenter said there would be no such openings for the remainder of the current financial year.
The board is now "cautiously optimistic" about the coming year, although Mr Carpenter admits there's a degree of uncertainty surrounding the economy in light of recent political events in the UK. And, while a softening in the new car market appears to be playing out among private retail customers, Mr Carpenter says this has been offset by good demand from the fleet sector.