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Motorpoint Group plc
24 August 2020
 

24 August 2020

 

Motorpoint Group PLC

("Motorpoint", the "Company" or the "Group")

 

AGM Trading Update, Board Change & Withdrawal of AGM Resolution

 

Motorpoint Group PLC, the UK's leading independent omni-channel vehicle retailer, today provides an update on trading for the 20 weeks to 21st August 2020 and announces that after five years as the Group's Chief Financial Officer, James Gilmour has tendered his resignation to the Board in order to leave the Group and pursue other business interests. As a result, James will not seek re-election at today's Annual General Meeting.

 

As previously announced, the health of the Company's shareholders, employees and stakeholders remains of primary importance to the Board. Shareholders are therefore requested not to attend the AGM as the Company will not be able to allow entry to anyone seeking to attend the AGM in person.

 

Trading Update

Mark Morris, Chairman of Motorpoint will make the following statement at the Company's Annual General Meeting to be held at 10:00am today:

 

"Over the last 11 weeks, the period which the Group's retail sites have been fully reopened, the Board has seen its key operational and trading metrics comfortably ahead of the equivalent period last year.

 

"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.  Supply of stock and margin remains strong.

 

"In light of the significant uncertainty which remains as a result of the pandemic and the sustainability of any recovery in consumer confidence, it remains too early to reinstate guidance at this stage. However, the Board believes that Motorpoint is very well positioned to build on the opportunities in the year ahead."

 

The Group expects to issue its Half Year Trading Update on the 8 October 2020.

 

Board Change

James Gilmour joined the Group in 2015 and was instrumental in preparing for the IPO in 2016 and leading the finance function through the next phase of growth as a listed company. He has developed a strong team and feels that he is leaving Motorpoint in the best possible shape to continue on its growth journey. A search process to find a successor is already underway and James will remain with the Group to ensure an orderly transition when such an appointment is made. The Board will update shareholders on progress as and when appropriate.

 

Withdrawal of AGM Resolution

As the Company's AGM Notice has already been issued, the Company confirms that the resolution to re-elect James Gilmour as an executive director of the Company (resolution number 5) is now withdrawn. The withdrawal of resolution number 5 does not otherwise affect the validity of the Notice of Meeting, the proxy form or any proxy votes already submitted on other proposed resolutions. The numbering of all other proposed resolutions at the AGM will remain unchanged.

 

Mark Carpenter, Chief Executive Officer of Motorpoint commented:

"Our trading and operational performance since the reopening of our retail estate has been encouraging, with the team back to their best across the business.  Whilst there is considerable uncertainty around the pandemic's future impact on trade, I am confident that our market leading omni-channel proposition is strong and will continue to deliver market share gains."

 

"I would also like to take this opportunity, on behalf of the Board, to thank James for his significant contribution to Motorpoint's success over the past five years. James helped to prepare the Group for and deliver its successful IPO and leaves behind a strong finance team and business going from strength to strength. It has been a pleasure to work alongside James and I wish him the very best with his future endeavours."

 

 

This announcement is made in compliance with the Company's obligations under the Listing Rule 9.6.11 and includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014.

 

 

Enquiries:

 

Motorpoint Group PLC

Mark Carpenter, Chief Executive Officer

via FTI Consulting

 

FTI Consulting (Financial PR)

Alex Beagley

James Styles

Sam Macpherson

 

020 3727 1000

 

 

Notes to editors

 

Motorpoint is the largest independent vehicle retailer in the United Kingdom. The Group's principal business is the sale of nearly-new vehicles, the majority of which are up to two years old and which have covered less than 15,000 miles. Motorpoint sells vehicles from brands representing over 95 per cent of new vehicle sales in the United Kingdom, with models from Ford, Vauxhall, Volkswagen, Nissan, Hyundai, Audi and BMW being amongst the top sellers. The Group operates from 13 retail sites across the United Kingdom: Birmingham, Birtley, Burnley, Castleford, Chingford, Derby, Glasgow, Newport, Oldbury, Peterborough, Sheffield, Swansea and Widnes, of which five have opened in the last five years; together with a national contact-centre dealing with online enquiries.

More information is available at www.motorpointplc.com and www.motorpoint.co.uk.

 

 

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