Motorpoint marks better first half

Motorpoint marks better first half

Motorpoint (MOTR) – a motor retailer specialising in 'nearly new' vehicles – released a far better set of half-year results compared with this time last year, enough to push the shares 5 per cent higher on the day. Revenues during the first half rose by nearly a fifth thanks to a similar rise in repeat business, while a 64 per cent rise in adjusted pre-tax profits to £10.5m was consistent with analysts' expectations. In the words of broker Numis, the numbers reflected “a convincing return to form” after the group reported a disappointing first-half performance this time last year. Bosses were forced to slash prices in the wake of the Brexit vote and the subsequent fall in the value of sterling.

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