By Jaime Llinares Taboada
Motorpoint Group PLC said Thursday that it expects performance for the year ending March 31 to be significantly ahead of expectations, and reported an improved profit for the first half.
The U.K. vehicle retailer said revenue and profit in October continued to be well ahead of fiscal 2021 and fiscal 2020 levels. In addition, the company said it believes it will deliver full-year revenue ahead of plan and pretax profit significantly ahead of internal expectations.
Motorpoint said it has been able to access more stock to satisfy demand, despite constrictions in the supply of new vehicles, and that it is well placed to deal with any uncertainty or potential headwinds.
The company posted a pretax profit of 13.5 million pounds ($18.0 million) for the first half ended Sept. 30, up from GBP9.7 million a year earlier.
Revenue jumped 56% to GBP605.2 million, and operating profit rose 36% to GBP15.1 million.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT