Motorpoint has provided an update on Q1 FY22 trading that reflects the unusual supply / demand dynamics currently evident in the UK automotive retail market. Record sales are reported through April and May, before a fall in new car production impacted vehicle availability and so “moderation of revenues” through June and July. Gross margins have remained ‘strong’ through the period. Online demand remains high, representing 61% of sales, whilst two new physical locations are confirmed. We leave re
Companies: Motorpoint Group Plc
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
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After a multi-year journey, somewhat accelerated by the Covid crisis, Motorpoint has set a new and exciting growth agenda that seeks to strengthen the Group’s position as the UK’s leading omnichannel vehicle retailer. Through an attractive combination of physical site growth (using smaller sites), ongoing investment behind an already established fully end-to-end online proposition and greater utilisation of supply chains into the Auction4Cars wholesale channel, Motorpoint is targeting a doubling
Motorpoint’s 2021 financial year has been wholly encapsulated within the UK Governments’ various responses to the Covid pandemic, with sites closed to customers for much of the 52 weeks. However, when open through Q3 and early Q4 CY2020, trading proved to be very strong, reflecting considerable pent-up demand. In addition, Motorpoint has also grasped the opportunity to materially advance its e-commerce sales/delivery flexibility through a national Home Delivery service, a streamlined contact-les
Motorpoint has reported encouraging interim results for the 6 months to 30th September, to us, with profit growth reported despite the challenges of Covid and the UK’s Lockdown 1.0. Total sales fell by 27%, though CPTP increased by c3% £9.7m with diluted EPS up 10% yoy to 8.7p. Looking to the remainder of FY2021, the outlook is clouded by the ongoing Lockdown 2.0 (in it various guises) and the potential for extended localised lockdowns, which leaves the sales and margin outcome to be uncertain.
Leading nearly new vehicle retailer Motorpoint’s trading update (20wk period to 21st August) has confirmed the continuation of very strong post lockdown sales momentum. In the last 11 weeks “key operational and trading metrics are comfortably ahead” yoy. Whilst trading is proving to be stronger and more sustained than management expected, caution remains on the sustainability of any recovery in consumer confidence due to the lasting impact of Covid-19, and how trading will evolve as we move into
Motorpoint has issued its FY2020 results, results that reflect the important March trading period being severely impacted by the growing Covid-19 crisis and subsequent lockdown. Sales are reported down 3.8% to £1,018m, with gross margin up by 30bp to 7.8%. CPTP has fallen by c15% to £18.8m, “substantially impacted” by the site closures, although we believe it was on track to be ahead yoy up to the middle of March. Adjusted EPS was 16.4p, down 9% yoy. Motorpoint had a modest cash position at the
Motorpoint has reported interim results for the 6 months to 30th September 2019 inline with our cautious expectations set out earlier in the year. Whilst the financial performance has come under anticipated short-term pressure, underlying operational progress bodes well for the future with management capability enhanced, the new site opening programme set to re-start and early signs from the “hub & spoke” model looking particularly encouraging. We see Motorpoint as very well placed for the mediu
Motorpoint’s trading update for the half year to 30th September confirms a relatively resilient performance in our view. Total revenue growth of c1% is believed to reflect “significant outperformance” of a nearly new car market in mid to high single digit % decline. We are also encouraged that margins have been “broadly in line with the prior year” after Q1 2020 pressure. With management highlighting a £2m increase in overheads (£1m non-recurring), we introduce a H1 2020 CPTP forecast of £9.7m (
Motorpoint has reported mixed trading for the first three months of FY2020, with little to differ from our already conservative expectations. Revenues are ahead yoy, supporting further market share gains, though the gross metal margin was been down yoy “impacted by unusually high supply levels”. Importantly, the margin trend in Q2 to date has strengthened to more normal levels and with our forecasts already conservatively positioned we leave financial expectations unchanged at CPTP of £22.0m, EP
Motorpoint has reported results for the 12 months to 31st March very much in line with guidance of 10% CPTP growth, as set-out in a 5 th April trading update. Total sales increased by an encouraging 7% to £1,059m (all LFL driven). CPTP of £22.9m is reported (SC forecast £22.9m), said 10% growth, with EPS up 11.3 % to 18.7p (SC forecast 18.7p). With respect to current trading, management state “we enter FY2020 with optimism but remain cognisant of the uncertain market and political environment”.
Motorpoint’s trading update for the 12 months to 31st March has confirmed another year of solid progress, albeit with easing momentum through the year that is expected to impact FY2020. Total sales are reported up by a good 6%, driven by LFL growth across existing sites. Guidance is for a yoy increase in CPTP of c10%, which leads us to retain our existing forecast of £22.9m, EPS of 18.7p a good out-turn in our view given the ongoing political/economic backdrop. However, with slowing momentum and
Motorpoint has this morning released a solid set of interim results achieving adjusted PBT for the first half of £10.5m, in line with our forecasts, which we updated following a positive trading update in October. We leave our forecasts unchanged for the full year and expect adj. PBT of £20.3m in FY18E. The company has also announced this morning a £10m share buyback programme, signaling confidence in the future prospects of the business. While Motorpoint continues to trade at a premium to the f
The news of 18% Revenue growth is positive news despite ongoing consumer and wider economic uncertainty.
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
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Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
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Netflix surged past the target price from our last report as the company reported an exceptionally good result with strong subscriber growth and earnings. The company added as many as 4.38 million subscribers in the quarter, well above the 2.2 million in the corresponding quarter of the previous year on account of the huge success of many of its originals such as Squid Game, Lupin and Money Heist’s latest season. Its 213.56 million paid subscribers across the globe have grown by 9.4% year over y
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Guild Esports provided an encouraging operational update and published H1 results yesterday. H1 financial results do not reflect the company’s substantial progress on sponsorships signings, tournament wins and fanbase growth:
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Softline the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, is considering proceeding with a potential initial public offering of global depositary receipts representing its ordinary shares. The Company is considering applying for admission of the GDRs to the standard listing segm
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Brighton Pier Group Plc (BPG) has traded remarkably well during the first 13 weeks of its financial year, with net sales up 44% versus the same period (pre-Covid) in 2019. BPG also successfully settled its business interruption insurance claims in full, meaning it will now receive £2m more in FY21E than we had forecasted (£5m in total). We update our FY21E forecasts to account for this, as well as materially upgrading our FY22E projections (Adj EPS raised 85% to 11.9p) to reflect the very positi
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H1 trading was slightly ahead of expectations from a sales and margin perspective, with UK sales positive in Q2 after annualising very tough Q1 comps. Despite exceptional comps, a good proportion of the gross margin uplift has also been retained. G4M continues to minimise the impact of various global supply chain headwinds. and has good visibility of stock/availability for peak. It is therefore confident of hitting full year expectations. Recent de-rating looks unjustified, particularly given a
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Guild Esports is positioned to become the leading global esports brand based in the UK. With strong support from David Beckham, the company plans to pioneer the UK Premier League academy model in esports, attract leading sponsors, build a loyal fan base and establish a premium line of merchandise. Within 12 months of the IPO, Guild plans to contract 19 esports staff, register 1m fans and generate £5m sponsorship revenue, £1m merchandise revenue and £0.6m media revenue. Today, Guild announced a £
PensionBee, the online pensions provider, with a mission to make pensions simple, so that everyone can look forward to a happy retirement, considering an IPO on the High Growth Segment of the Main Market of the London Stock Exchange. PensionBee is a leading online pensions provider in the UK, with approximately 130,000 Active Customers and £1.5 billion of assets under administration , in each case as at 28 February 2020. Cornerstone FS to join AIM, an SME focused, cloud-based provider of inter
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Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51mm) will be used to fund
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REACT Group plc (REACT), the leading specialist cleaning and decontamination company, has announced its results for the half year to March 2021. They do not include any contribution from the acquisition of Fidelis (completed on 26 March 2021) but do include the assets and liabilities for Fidelis at 31 March 2021. Strong progress has been achieved across the business with good growth in revenues, a 733bps rise in gross margin and a significant increase in underlying EBITDA. The Group remains well
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Dixons Carphone’s FY20/21 results were in line with our expectations. The adjusted PBT came in at £156m, led by a strong show in the UK&I electrical business. The turnaround of the mobile business remains on track. The current trading has been positive in both UK&I and international segments. We believe DC will be able to achieve the guidance of 4% EBIT margin in the forecast years. No change in the stock recommendation.
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