StockMarketWire.com - Auto retailer Motorpoint said it had enjoyed record sales in the first two months of its new financial year, though a reduced supply of vehicles had hit revenue during June and into July.

Still, the company said first-quarter profit margins remained strong due to higher vehicle values and that trading was in line with its expectations for the full year.

'It is important to note that some uncertainty persists given the well documented vehicle supply shortage, the potential continued disruption from Covid-19, and a realignment of used vehicle margins,' chairman Mark Morris said in a trading update.

'However, progress on the group's strategic goals means it is well placed to deal with any potential headwinds and the board continues to look to the future with confidence, as the group continues its exciting transformation into an E-commerce led business with huge potential.'




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