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Used car supermarket Motorpoint Group returned to profitability in the first half.
In a trading update it said H1 pre-tax profits are expected to be £2m region, in sharp contrast to the -£3.7m loss last time.
The supermarket saw retail volume growth of 17% in H1 and was seeing strong momentum going into H2 with its 21st store set to open in November.
It added that used car prices and margins remained broadly stable and customer sentiment had improved but the supply of used vehicles remained “subdued”, particularly at the newer end of the market. The turnaround followed a round of cost cutting exercise and a focus on business essentials.
It added that the share buyback programme, which commenced on 11 March 2024, has been successfully completed.
Motorpoint CEO Mark Carpenter said: “The resilience of the Motorpoint business model has been proven once again.
“I am delighted to confirm that the successful execution of our Brilliant Basics programme during FY24, alongside the easing of macroeconomic pressures, has resulted in a return to profitability.
“We also welcomed the first interest rate cut in August, the same month that we achieved our highest performing retail volume since March 2022.
“This solid performance in the first half of the year stands us in good stead as we look to progress our strategy to accelerate growth.
“I would like to thank our incredibly hardworking colleagues for what they have delivered so far this year. I am confident that we are entering the second half with strong momentum.”