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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Companies: Vertu Motors PLC
Vertu has delivered an impressive set of record H1 results, which showed strong volume outperformance and pricing discipline across all markets. We are raising our FY22 forecasts by 19% to reflect current management guidance and leave our FY23/24 forecasts unchanged for now. Our near term value per share increases to 86p implying a healthy risk reward profile from here.
Entain registered Q3 21 top-line growth of 6%, driven largely by online (10%). In the all-important US market, BetMGM surged ahead with a further expansion in market share of (23% in three months to August vs 22% in Q2 21).
FY21 EBITDA guidance of £850-900m was re-iterated, a positive given the recently announced headwinds from Dutch regulations.
We do not expect any significant change to our estimates, given that the performance was largely in line with our estimates.
Companies: Entain PLC
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
Companies: Gear4music (Holdings) PLC
Strong performance in H1 means full year EBITDA is now expected to be no less than £5.0m (£6.9m post-IFRS16), driving an EPS upgrade of over 20% while potentially still leaving risk to the upside depending on trading in the traditionally quieter Q4 season. This has been driven in part by further gross margin gains and operational enhancements where further strides are likely. Today’s other news relates to the launch of an in-territory EU fulfilment centre in spring 2022 which will facilitate maj
Companies: Angling Direct Plc
Marshall Motor Holdings (“MMH”) has today announced its £64.5m cash acquisition of Motorline Holdings Limited, a multi-franchise dealer group that operates 48 franchises operating across the South of England, representing ten brands. MMH has a long track record of successful execution and integration of acquisitions – we are confident that this “off market” transaction will complement MMH’s already strong and reliable platform. With our upgrade to FY21 earnings last week and the upside that this
Companies: Marshall Motor Holdings Plc
easyJet’s Q4 21 results were seemingly stronger than analysts’ expectations and the group upgraded its capacity schedule for Q1 22. As the COVID-19 border restrictions in the UK are lifting, a good trading performance has been seen in the past two weeks. We expect the consensus to be raised.
Companies: easyJet plc
G4M has delivered an H1 trading update in line with internal expectations against the very strong H1 trading performance last year and is on track to meet full-year consensus market expectations. UK sales performance was the stand-out feature, coming in flat on last year. Europe’s performance was hindered by post-Brexit challenges, down 16% on last year, though up 14% on a two-year view. Group sales are down 8% in aggregate, but up 31% on a two-year view. Gross margin has held up well, being dow
Companies: Loungers Plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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Bens Creek Group to join Aim. Bens Creek, together with its subsidiaries, will, on Admission, own and operate a metallurgical coal mine located on 10,000 acres in the southern part of the state of West Virginia and eastern edge of the Commonwealth of Kentucky, in the central Appalachian Basin of the eastern United States of America. The Mine's operations are located primarily in Mingo County, West Virginia. The
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Kingfisher reported better-than-expected figures at its H1 FY21/22 results, with lfl sales and adjusted PBT coming in ahead of market expectations and management’s guidance. Lfl sales outlook for H2 has been raised, the share buy-back programme re-introduced and the interim dividend increased. However, the share price was down c.5% today, as investors worried about inflationary cost pressures and supply chain constraints which are expected to continue into 2022. We will update our estimates and
Companies: Kingfisher Plc
Companies: 888 Holdings Plc
Marshall Motor Holdings (“MMH”) has announced an unscheduled trading update for the three months to 30 September 2021 confirming strong performance across the board. Full year underlying PBT guidance has been raised to “not less than £50m”, as a result, we increase our FY21 underlying PBT forecasts by 23.8% to £52.1m. This puts the Group on an FY21 P/E rating of only 4.1x with a 6.4% yield. Our view is that this is a strong and reliable platform that looks significantly undervalued.