Motorpoint trading 'comfortably ahead' of year before

Motorpoint said trading since its sites reopened from lockdown was stronger than the year before as the vehicle retailer's finance chief stepped down.

In the past 11 weeks the company's operational and trading metrics were "comfortably ahead" of the same period a year earlier, Motorpoint said. The update showed the company keeping up the positive trend it reported in mid-July.

"The board has been encouraged by this momentum, which has been achieved across the group's combined customer channels including its 13 retail sites, online channel and its home delivery proposition," Chairman Mark Morris will tell Motorpoint's annual general meeting. "Supply of stock and margin remains strong."

Shares of Motorpoint rose 3.9% to 281.5p at 09:16 BST.

Motorpoint, which specialises in nearly new cars, suffered a sharp drop in profit in the year to the end of March as the Covid-19 crisis upset trading at what would normally be a busy time of the year. The company was forced to close its outlets in late March as the government shut down much of the economy to stem the spread of the virus.

The company also said Chief Financial Officer James Gilmour would leave the company after five years to pursue other business interests. He will stand down from the board at Monday's AGM but will stay with the group to hand over to his replacement, the company said.

Morris said it was too early to restore financial guidance because of uncertainty about the pandemic's progress and the durability of the UK's economic recovery. "However, the board believes that Motorpoint is very well positioned to build on the opportunities in the year ahead," he said.