StockMarketWire.com - Auto retailer Motorpoint said it expected to grow revenue by around 1% in the first half, putting it on track to meet its expectations for the full year, while also announcing an up to £10m share buyback.

The company said the 1% revenue growth for the six months through September market a significant outperformance of the nearly-new car market, and therefore represented a material increase in market share.

Margin pressure, meanwhile, had now abated and Motorpoint said that its gross margin for the first half was expected to be broadly flat on-year.

Overheads for the period were anticipated to be around £2m higher, although half of that cost was non-recurring in nature.

'The board continues to closely monitor consumer confidence in light of the ongoing economic and political uncertainty,' Motorpoint said.

'The board remains confident that the group's recent trading performance and strong current stock profile leaves Motorpoint well placed to continue to increase market share while management evaluate further potential new site opportunities.'

'As a result, the board remains comfortable with its full-year expectations.'

'The board is also pleased to have separately announced the launch of a new, up to £10m, share buyback programme today, which reflects the group's continued strong cash generation.'




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