Motorpoint seals better second half

Motorpoint seals better second half

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.

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