What Motorpoint Group (MOTR) Said on Its H1 Earnings Call

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Motorpoint Group (LON:MOTR) reported higher first-half volumes and profit growth as the used-car retailer outlined plans to expand its store network and use automation to support…

Motorpoint Group (LON:MOTR) reported higher first-half volumes and profit growth as the used-car retailer outlined plans to expand its store network and use automation to support further sales.

Revenue rose 6% and gross profit increased 12%, while operating expenses grew 6.6%, Chief Financial Officer Chris Morgan said on the company's earnings presentation. The gross profit-to-operating expense ratio improved to 127% from 120%.

Chief Executive Officer Mark Carpenter said Motorpoint's volumes grew 7.6% in the half, compared with market growth of 0.6%. Morgan said the company sold more than 50,000 vehicles across retail and trade, a record for the period.

Morgan said the increase in operating expenses included the opening of a new Leeds site in July, as well as additional staff to support store growth. Motorpoint is also hiring warranty technicians and MOT testers to bring some work previously carried out by third parties in-house.

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Metal margin per vehicle rose to £1,266 from £1,063, helping retail gross profit per unit reach £1,430. Turnover per unit declined slightly, which Morgan attributed to lower finance commissions after the company reduced annual percentage rates to improve affordability.

Motorpoint announced an interim dividend of 2 pence per share. Debt increased by about £5 million to approximately £14 million, reflecting capital expenditure and investment in stock, among other items, Morgan said. The company has £225 million available through stocking facilities to fund vehicle purchases.

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Carpenter said Motorpoint's internally developed technology platform, called MotoAI, uses company and external data to guide decisions including which vehicles to buy, where to allocate them and how to price them. The company sees the platform as a way to add stores without a comparable increase in head-office costs.

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