Motorpoint Group, a leading U.K. vehicle retailer, has announced a decrease in losses for the first half of fiscal 2024. With an underlying pretax loss of £3.1 million in the first quarter and a loss of approximately £600,000 in the second quarter, the company has seen a positive trend in its financial performance.
During the six-month period ending September 30, Motorpoint Group achieved an underlying operating profit of around £1.6 million before accounting for interest expenses of £5.3 million. Additionally, the company faced a one-time charge of £1.0 million due to redundancy costs. By comparison, in the same period of the previous year, Motorpoint Group reported an operating profit of £5.9 million.
Motorpoint Group concluded the first half of fiscal 2024 with a net cash balance of £11.0 million, a significant increase from £2.2 million as of June 30.
Chief Executive Mark Carpenter expressed optimism about the company's future prospects, stating, "We...are well positioned to emerge from this difficult macroeconomic cycle as a leaner and more agile business, ready to seize the significant opportunities presented by improving market conditions."
