Interims Results
Summary by AI BETAClose X
11 November 2026
Motorpoint Group PLC
("Motorpoint" or the "Group")
Interim Results
Record H1 volumes driven by AI and digital capabilities. Clear path to 120,000+ units and 30-35 stores in the medium term
Motorpoint Group PLC, a technology innovator in nationwide, omnichannel automotive retailing, today announces its unaudited interim results for the six months ended 30 September 2026 ("H1 FY27").
H1 FY27 Financial Summary
|
Financial KPIs |
6 months to 30 September 2026 |
6 months to 30 September 2025 |
Change |
12 months to 31 March 2026 |
|
Revenue |
£686.7m |
£647.7m |
+6.0% |
£1,268.6m |
|
Gross profit |
£55.4m |
£49.5m |
+11.9% |
£98.9m |
|
Operating expenditure |
£(43.7)m |
£(41.0)m |
+6.6% |
£(81.2)m |
|
Other income |
£0.1m |
nil |
+£0.1m |
£0.1m |
|
Finance expense |
£(5.3)m |
£(4.9)m |
+8.2% |
£(10.3)m |
|
Profit before taxation |
£6.5m |
£3.6m |
+80.6% |
£7.5m |
|
Profit for the period |
£4.9m |
£2.7m |
+81.5% |
£5.6m |
|
EBITDA(1) |
£16.3m |
£13.6m |
+19.9% |
£27.5m |
|
Basic earnings per share |
5.9p |
3.2p |
+84.4% |
6.6p |
|
Dividend |
2.0p |
1.0p |
+1.0p |
2.2p |
|
Return on Capital Employed(2) |
81.0% |
58.8% |
+2,220 bps |
67.3% |
|
Net debt (excluding lease liabilities) |
£(14.3)m |
£(0.5)m |
-£13.8m |
£(8.8)m |
(1) Earnings before interest, tax, depreciation and amortisation
(2) Last 12 months EBIT divided by average net assets over that period
- Revenue increased 6.0% to £686.7m (H1 FY26: £647.7m), driven by record H1 retail volumes, once again outperforming the used car market
- Gross profit increased 11.9% to £55.4m (H1 FY26: £49.5m), growing at roughly twice the rate of revenue
- Metal margins achieved a record £1,266 per unit (H1 FY26: £1,063) while retail gross profit per unit increased to £1,431 (H1 FY26: £1,349). These results reflect embedded technology innovation throughout the Motorpoint vehicle lifecycle, including increased effectiveness of dynamic AI pricing models, which increased efficiency and improved unit economics. This helped offset the effect of lower finance commission as we lowered our APR to 10.9% from 12.9% to help customers with affordability
- Operating expenditure increased 6.6% to £43.7m (H1 FY26: £41.0m), driven by the Leeds store opening, selective headcount increases to support higher volumes and wage inflation. Other variable costs remained tightly controlled
- Gross profit represented 127% of operating expenditure (H1 FY26: 121%), highlighting our scalable operating leverage
- Profit before tax increased 80.6% to £6.5m (H1 FY26: £3.6m) and EBITDA increased 19.9% to £16.3m (H1 FY26: £13.6m)
- Basic earnings per share increased 84.4% to 5.9p (H1 FY26: 3.2p)
- Return on capital employed increased to 81.0% (H1 FY26: 58.8%), reflecting increased profitability and the capital-light nature of our technology-enabled operating model
- In line with our progressive dividend policy, an interim dividend of 2.0p per share is announced (H1 FY26: 1.0p), payable on 11 December 2026, with a record date of 20 November 2026
Operational and Strategic Highlights
|
Operational KPIs |
6 months to 30 September 2026 |
6 months to 30 September 2025 |
Change |
|
Market share (0-6 year old) (1) |
2.50% |
2.46% |
+4bps |
|
|
|
|
|
|
Net Promoter Score (NPS) |
81 |
83 |
-2 |
|
|
|
|
|
|
Vehicles sold |
51.27k |
47.40k |
+8.2% |
|
Retail |
35.43k |
32.94k |
+7.6% |
|
Wholesale |
15.84k |
14.46k |
+9.5% |
|
|
|
|
|
|
Days in stock |
54 |
49 |
+5 days |
|
Retail gross profit per unit |
£1,431 |
£1,349 |
+£82 |
|
Wholesale gross profit per unit |
£300 |
£351 |
-£51 |
|
Customer acquisition cost (2) |
£143 |
£149 |
-£6 |
- Calendar year ending June 2026 and calendar year ending December 2025 respectively
- Total marketing cost per retail unit sold
Technology focus driving performance
- Over several years of investment and trial, Motorpoint has developed proprietary, integrated technology capabilities across our operations and customer experiences. Our use of proprietary data, software, AI and other automation has enabled us to build competitive advantage and drive improved financial results. Internally, this technology-enabled operating platform is referred to as “MotoAI”, and it has accelerated our growth ahead of the market
- Data and algorithms embedded across vehicle buying, pricing and allocation, supporting a record metal margin and more consistent decision making across our national network
- Digital marketing and lead generation capabilities continue to broaden our reach in an efficient manner, with customer acquisition cost reduced to £143 per retail unit (H1 FY26: £149)
- Agentic AI generating incremental sales by re-engaging customers with previously closed or inactive enquiries and matching them with relevant vehicles
Strong retail performance across integrated store network
- Record retail volumes of 35.43k units, up 7.6% (H1 FY26: 32.94k), with total vehicles sold up 8.2% to 51.27k. Wholesale volumes through Auction4Cars.com increased 9.5% to 15.84k units, with wholesale gross profit per unit of £300 (H1 FY26: £351), reflecting the move of more C2B vehicles to retail
- Retail volume growth of 7.6% significantly outperformed the used car market which grew by 0.6%
- Days in stock of 54 is consistent with FY26 year end although up on H1 FY26, reflecting higher inventory levels during the period to support Leeds store opening, and build-up of stock for the Q3 trading period
- New store in Leeds opened in July and is trading ahead of plan, benefitting from plugging in immediately to our established, scalable, technology stack, informing the store’s pricing, allocation, marketing and operating platform
- One of our smaller and less profitable stores at Ipswich was closed after the end of the period, and we are expanding our nearby Norwich store to compensate for any trading impact
Sustained high customer and employee satisfaction
- Net Promoter Score remains strong at 81 (H1 FY26: 83), reflecting our continued focus on a seamless omnichannel customer experience
- Strong survey results in October 2026, scoring “excellent” for employee engagement, improving again on last year’s survey
Motorpoint is setting clear medium term ambitions
Building on our first half momentum, today we are setting ambitions for the next phase of our growth. Our vision remains to be the Car Buyer’s Champion, and we see a significant opportunity to take further market share through growth in our existing stores, progressing our new store programme and continued improvements in margin and productivity, all supported by MotoAI - our increasingly scalable, technology-enabled operating model.
Over the medium term, our targets are to:
- Sell more than 120,000 retail units with a majority being digitally influenced
- Operate from 30 to 35 large format stores, in addition to our leading websites
- Deliver retail gross profit per unit in excess of £1,550 (H1 FY27: £1,431)
- Deliver EBITDA per retail unit in excess of £550 (H1 FY27: £460)
- Achieve in excess of 100% ROCE (H1 FY27: 81.0%)
These targets are underpinned by the performance of our existing estate, accretive returns from new stores and the continued development of our operating capabilities.
Current Trading and Outlook
-
Strong momentum has continued into H2 FY27:
- Delivered retail volume growth of 9.7% in October
- Demand remains strong, inventory increased to take advantage of opportunity in H2
- FY27 expectations remain unchanged, following September’s upgrade to market consensus. This is despite a backdrop of continued economic uncertainty, with increased inflation and interest rates. We are confident that our technology investment has repositioned Motorpoint to enable us to continue to outperform the market
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC commented:
“I am pleased to report a strong first half as our technology-led strategy bears fruit. Record retail volumes, up 7.6%, and gross profit growth of 11.9% demonstrate our continued outperformance of the used car market. Our integrated platform is improving profitability per vehicle, delivering a record metal margin in the half and reducing customer acquisition cost. Our highly engaged team continues to give customers outstanding choice, value and quality.
The past few years have demonstrated that Motorpoint becomes more effective as it grows. Every vehicle we buy and sell improves the data behind our next decision, and every new store we open plugs straight into that platform. Leeds is already trading ahead of plan, and with a strong store pipeline we have the confidence to set clear targets for the next phase of our growth, including operating from 30 to 35 stores and selling more than 120,000 retail units a year.
Strong momentum has continued into the second half, and I am confident that Motorpoint is well positioned to keep growing market share and to deliver sustainable value for shareholders.”
Analyst & investor webinar
There will be a webinar for sell-side analysts and investors at 9:30am BST today, the details of which can be
obtained from Teneo
Enquiries:
Motorpoint Group PLC via Teneo
Mark Carpenter, Chief Executive Officer
Chris Morgan, Chief Financial Officer
Teneo (Financial PR) Motorpoint@teneo.com
James Macey-White +44 207 260 2700
Arthur Rogers
Forward looking statements: The information in this release is based on management information. This report includes statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Company undertakes no obligation to update, revise or change any forward looking statements to reflect events or developments occurring after the date of this report.
Notes to editors
Motorpoint Group PLC is a technology innovator in nationwide, omnichannel automotive retailing. Through its technology-enabled operating platform, the Group is focused on giving retail and trade customers the easiest, most affordable and seamless way of buying, selling and financing their car across its digital and store channels. Through its leading B2C platform, Motorpoint.co.uk, and UK network of 21 sales and collection stores, the Group provides an unrivalled offering, enabling consumers to effortlessly browse, buy or finance their next car and collect it the same day or from the most convenient location across the network. Motorpoint's purely online wholesale platform Auction4Cars.com sells vehicles into the wholesale B2B market that have been part exchanged by retail customers, or purchased directly from them by the Group as part of its online car buying service. Motorpoint's diversified business model, underpinned by its established brand, industry leading technology and sophisticated marketing infrastructure, always delivers the best choice, value and quality for customers.
Non-Executive Chair's statement
Outperforming a lacklustre market with technology-enabled operating leadership
The used car industry in the UK has faced difficult market conditions for several years. High interest rates, periods of price volatility, depressed consumer demand and constrained vehicle supply combined to cause upheaval in the industry. Motorpoint responded well to these conditions by restructuring in downturns to preserve profits, and by investing over time in technology capabilities that would eventually position the Company for future growth. We have indeed begun to reap some benefits from these moves.
During FY26 the used car market continued a slow post-Covid recovery in the face of macroeconomic volatility, with stabilizing used car pricing, a modest loosening of supply in certain age ranges, and a surge in EV sales. Motorpoint benefited from these small market improvements, but importantly also made material progress in the deployment of strategic new capabilities in data analytics, AI and digital commerce, directed at improving both customer experiences and operational excellence. As a result, the Company achieved impressive results in FY26 across our financial measures.
The first half of FY27 has seen much of the same with material increases across revenue and profit measures, and record metal margins and retail volumes, attributable in large part to continued improvement in the Group’s strategic technology capabilities.
Motorpoint expects to continue to face less than robust market conditions for the foreseeable future. Interest rates remain high, UK economic growth is mediocre, and the effects of the Middle Eastern conflict and global disruptions in trade on the UK used car industry are unhelpful. Nevertheless, we are cautiously optimistic that economic trends will improve, and confident that Motorpoint is well positioned to benefit from an improved used car market and to outperform the used car market through further extension of our strategic data, AI and digital commerce capabilities.
Strategic opportunity
Several years ago, Motorpoint embraced the role of technology and digital services in its business and set forth an ambitious goal to become the UK’s largest used car dealer. We believed that our strategic opportunity was to provide market leading digital services, and to redefine the omnichannel business model by developing integrated consumer journeys across our digital, store, customer service and delivery channels that meet changing consumer needs.
In recent years AI has overtaken the technology spotlight with promises to redefine most if not all aspects of business. Rather than be distracted by rhetoric and big bets, Motorpoint continued to pursue its multichannel vision while quietly investing, building, testing and deploying proprietary AI and big data systems that provided material, cost-effective improvements to its key operations. The result is no less than a technology-enabled operating platform – internally referred to as MotoAI - which provides, among other things:
- A new foundation of core technology with multiple new strategic systems including a finance ERP and purchase ordering system, a hybrid cloud data management environment, robust stock and customer systems, a new service maintenance and repair management system, and enhanced data security controls,
- A secure and scalable data warehouse for AI and big data consumption,
- Multiple leading AI applications including data driven vehicle pricing for purchase and sale, algorithmic vehicle allocation, agentic AI for sales follow-up, AI-based natural language website chat for vehicle discovery and customer service, QR code vehicle displays linking to personalized web information, and Motosnap (mobile photography and specification management), and
- Data-driven digital marketing and lead generation capabilities.
These technology innovations are having a clear and direct impact on Motorpoint’s financial results, most are difficult for competitors to replicate, and more innovations are in the development pipeline. We believe that our many years of investment, learning and development in building MotoAI has created a technology-enabled operating platform that is a strategic advantage, and we look forward to extending this advantage as we add more stores, improve our website, scale our Sell Your Car direct purchase proposition, test market opportunities for aftersales service, and otherwise seek to become the UK’s largest used car dealer by providing market leading digital and data services that redefine our customers’ experiences and optimize our business operations.
I would like to thank the Motorpoint team for their agility and resilience over the past few years, and their embracing of the opportunities for data and AI, which has positioned the business well. I am delighted that their hard work is being rewarded with continued market outperformance and profitable growth.
John Walden
Chair
11 November 2026
Chief Executive's statement
Overview
Motorpoint Group PLC is a technology innovator that combines digital capability with a nationwide automotive network to offer customers outstanding value, choice and quality. Our Virtuous Circle is at the heart of how we operate. We put our team first, giving them the tools, information and freedom to make better decisions for customers. This strengthens the customer experience, supports profitable growth and creates sustainable value for shareholders.
I am pleased that Motorpoint has delivered a strong first half, with further record retail volumes, increased profitability and continued market share growth. The decisions taken in recent years under our ‘Brilliant Basics’ programme strengthened the business, while selective investment in digital teams was maintained at that time through difficult market conditions. That investment has gathered pace, delivering tangible benefits across vehicle sourcing, allocation and pricing, improving decision making, productivity and unit economics. Data is fundamental to our decision making and is supporting better execution across buying, pricing and stock management. This is translating into stronger financial returns and, in a large and fragmented used car market, provides a clear platform for further growth.
A large market with significant headroom
The UK used car market is large and highly fragmented, with approximately 2.4 million used cars aged 0-6 years old sold each year, of which our growing share is just 2.5%. This market is forecasted to grow to 2.9m cars in five years’ time. Even after the progress we have made, we have considerable headroom in a very large market and we see a significant opportunity to grow, both in the markets around our existing stores and in new locations. Our ambition is to reach 10% share of this 0-6 market within a 30-minute drivetime of our stores.
A compelling business case, which continually improves as we scale
Motorpoint’s model becomes more effective as the business grows. Every vehicle we appraise, buy, price and sell, and every customer interaction, adds to our data. Combined with external market insight and 28 years of operating experience, that data improves how we buy, allocate, price and market each vehicle. Better decisions deliver better value for customers and stronger unit economics, which in turn supports further volume growth on a platform built to scale. This reinforcing cycle sits at the heart of MotoAI - our technology-enabled platform, which brings together three connected capabilities: digital demand, vehicle intelligence and physical fulfilment.
Digital demand: customers can research a huge range of cars through our blogs, written reviews and videos, then search and compare, value their own vehicle, calculate their finance and reserve their chosen car, all without leaving our website. Our digital marketing and lead generation capabilities broaden our reach and bring customers to Motorpoint earlier in their research journey.
Vehicle intelligence: our growing vehicle and customer data informs what product we buy, where each vehicle is allocated across our store network and how each vehicle is priced and marketed. Algorithmic pricing and allocation are now augmented into our operations automatically, and every appraisal, purchase, price change and sale improves our understanding of demand, vehicle desirability and customer retention.
Physical fulfilment: our national network of stores gives customers a wide choice of cars on display to browse in person, and the convenience of collecting their chosen car the same day or from the most convenient location across our network. Behind this, even the physical fulfilment side of our business is data-led, and technology-enabled. Our central procurement, preparation and transport capabilities move each vehicle to the right location and prepare it for sale consistently, with our proprietary MotoSnap application improving the speed and consistency of vehicle imaging, including in locations where traditional turntable equipment was impractical. In store, QR based price boards give customers immediate access to live vehicle information as they browse and give us further insight into how they engage with our stock.
Power in combination: our use of technology increasingly removes the friction from vehicle buying by automating and digitising the administrative elements of the customer journey. Together, these connected capabilities provide a powerful combination. This enables our store and customer service teams to focus on the moments that matter most in person, providing trusted advice, expert product knowledge and a pressure free environment when customers see and drive their car for the first time which is reflected in our consistently industry leading Net Promoter Score of 81 (H1 FY26: 83).
Technology adoption is improving unit economics
For us, technology adoption means going further than analysis. With MotoAI we are using technology to make decisions and subsequently measuring the commercial outcomes, continuing to develop where further opportunity exists. Our first half results show the benefit of our platform flowing through to unit economics. Metal margin per unit increased by £203, or 19.1%, to a record £1,266. More refined marketing techniques meant customer acquisition cost reduced to £143 per retail unit (H1 FY26: £149), and gross profit increased to 127% of operating expenditure (H1 FY26: 121%), demonstrating that we can grow volumes and profitability without adding operating cost at the same rate.
AI agents are also creating incremental sales by identifying and re-engaging customers with previously closed or inactive enquiries and matching them with relevant vehicles. These tools support our sales teams rather than replace the customer relationship, allowing our team to focus their time where their judgement and personal service add most value. We have introduced new technology KPIs to track the adoption of these capabilities and will report on our progress against them going forward.
First half: record volumes and metal margins
The Group sold a record 35.43k retail units in the first half (H1 FY26: 32.94k), growth of 7.6%, outperforming the used car market, and despite a consumer backdrop in which inflation and interest rates remained elevated. Gross profit increased 11.9% to £55.4m (H1 FY26: £49.5m), operating profit was £11.8m (H1 FY26: £8.5m) and profit before tax increased 80.6% to £6.5m (H1 FY26: £3.6m). Return on Capital Employed increased to 81.0% (H1 FY26: 58.8%), demonstrating the strength of our capital-light model, and growing profitability.
New stores: scaling the platform
Our MotoAI technology-enabled platform also supports our store expansion. Each new store extends our reach into a new market and benefits from day one from our established MotoAI technology stack. This means a new store immediately plugs into dynamic pricing, intelligent vehicle allocation, targeted digital marketing and operating infrastructure, rather than operating as a standalone retail business.
Leeds opened in July and is trading ahead of plan, with sales progressing well and the store expected to be profitable in its first year. This early performance reinforces our confidence in the opportunity to expand our larger footprint stores into carefully selected markets where we can build meaningful local share while strengthening the national network.
We are taking a disciplined, data-led approach to site selection, using drive time analysis and local market insight to identify locations with the strongest potential. We have returned to larger format stores, which provide the capacity to serve customers, acquire vehicles and undertake preparation activity efficiently. Both leasehold and freehold routes can deliver attractive returns, giving us flexibility in how we secure the best locations.
The economics are compelling. A mature new store is expected to sell around 4,000 retail units a year, contribute approximately £3.0m of profit before tax and repay average fit out costs within two and a half years. While some local cannibalisation is expected, our modelling indicates that this is far and away more than offset by sales in new markets and the resulting market share gains.
Our medium term ambition is to operate from an estate of between 30 to 35 stores. We will progress towards this in a controlled way, supported by a strong pipeline of potential locations and investment in the preparation capacity required as the network grows. The combination of attractive store returns and a scalable central platform give us confidence that new stores will be an important driver of profitable growth.
Confidence to set firm ambitions
Looking ahead, our vision remains to be the Car Buyer’s Champion. We see a significant opportunity to take further market share through growth in our existing stores, progressing our new store programme and continued improvements in margin and productivity. Our increasingly scalable operating model will support each of these priorities.
Today we are setting new medium term ambitions:
- Sell more than 120,000 retail units with a majority being digitally influenced
- Operate from 30 to 35 large format stores, in addition to our leading websites
- Deliver retail gross profit per unit in excess of £1,550 (H1 FY27: £1,431)
- Deliver EBITDA per retail unit in excess of £550 (H1 FY27: £460)
- Achieve in excess of 100% ROCE (H1 FY27: 81.0%)
The performance of our existing estate, accretive returns from new stores and continued development of our operating capabilities give us confidence in these ambitions.
Delivering for teams, customers and shareholders
Our Virtuous Circle remains at the core of everything we do. It starts with our people, giving them better tools and information is helping them to do more for our customers. Our retention rates have improved significantly from a year ago, with turnover levels dropping to 23% (H1 FY26: 31%). Our customers continue to benefit from outstanding choice, value and quality with NPS levels above 80, and our performance is translating into returns for shareholders, with an interim dividend of 2.0p per share (H1 FY26: 1.0p) declared, in line with our progressive dividend policy. We will remain disciplined in how we invest and grow, per our capital allocation policy.
Outlook
Strong momentum has continued into the second half. Retail volumes grew by 9.7% in October. We have increased stock levels ahead of our busy fourth quarter, and vehicle supply direct from consumers is growing as we invest in resource and marketing. We have a scalable platform, a strong store pipeline and clear targets for the next phase of our growth. Despite a backdrop of continued economic uncertainty, with increased inflation and interest rates, I am confident that Motorpoint is well positioned to continue outperforming the market and to deliver sustainable value for shareholders.
I would like to thank all our teams for their hard work and commitment. Their focus on our customers remains central to our success.
Mark Carpenter
Chief Executive Officer
11 November 2026
FINANCIAL REVIEW
Group financial performance headlines
The period experienced strong retail unit sales growth of 7.6% with 35.43k retail vehicles sold (H1 FY26: 32.94k). Total revenue for the six months ended 30 September 2026 increased 6.0% to £686.7m (H1 FY26: £647.7m) reflecting higher volumes offset with lower finance commissions.
Gross profit was £55.4m (H1 FY26: £49.5m). Retail gross profit per unit increased to £1,431 (H1 FY26: £1,349). This reflected increased metal margin, driven by the continued data-led refinement of our pricing models.
Operating expenditure increased 6.6% to £43.7m (H1 FY26: £41.0m), driven by the Leeds store opening, selective headcount increases to support higher volumes and wage inflation. Other variable costs remained tightly controlled.
Profit before taxation improved to £6.5m (H1 FY26: £3.6m). Finance costs increased to £5.3m (H1 FY26: £4.9m), due to higher lease interest costs. EBITDA improved to £16.3m (H1 FY26: £13.6m).
The Board has declared an interim dividend of 2.0p per share (H1 FY26: 1.0p per share), which will result in a distribution of approximately £1.6m. Return on Capital Employed improved to 81.0% from 58.8% in H1 FY26, demonstrating the effectiveness of a capital light model and improving profitability.
Trading performance
The Group has two key revenue streams, being (i) vehicles sold to retail customers via the Group’s stores, call centre and digital channels, and (ii) vehicles sold to wholesale customers via the Group’s Auction4Cars.com website.
|
|
Retail |
Wholesale |
Total | |||
|
|
H1 FY27 |
H1 FY26 |
H1 FY27 |
H1 FY26 |
H1 FY27 |
H1 FY26 |
|
|
£m |
£m |
£m |
£m |
£m |
£m |
|
|
|
|
|
|
|
|
|
Revenue |
612.7 |
574.8 |
74.0 |
72.9 |
686.7 |
647.7 |
|
|
|
|
|
|
|
|
|
Gross profit |
50.6 |
44.4 |
4.8 |
5.1 |
55.4 |
49.5 |
|
|
|
|
|
|
|
|
Retail
Retail units sold increased by 7.6% in the period, with a total of 35.43k units being sold (H1 FY26: 32.94k). Average selling price was £16.4k, in line with the previous period, although overall income per vehicle reduced slightly due to lower finance commission.
Retail gross profit per unit increased to £1,431 (H1 FY26: £1,349), which included the success of data-led pricing and stock management. Gross margin of 8.3% improved compared to prior period (H1 FY26: 7.7%), which reflected these improvements.
Days in stock increased to 54 days from a year ago, although consistent with FY26 year end (H1 FY26: 49 days). This reflected strong buying, with increased stock levels sought to maximise sales opportunities as we enter the second half of FY27.
We funded a reduction in our finance APR from 12.9% to 10.9% during the period. Although finance commission per vehicle sold therefore decreased by 16.2% to £573, our finance penetration increased to 47% (H1 FY26: 42%), thereby strengthening our customer offer and affordability. Extras per car sold increased by 4.7% to £292, reflecting a broadened product mix.
Preparation costs per unit have increased slightly in the period, which reflected an element of inflation and vehicle age mix, although efficiencies introduced ramped up towards the end of the period, and include in-house MOT testing and performing warranty repair work. A new Garage Management System also went live, which will also increase future efficiencies.
The business increased its focus during H1 FY27 to acquire more vehicles directly from customers via its digital Sell Your Car platform. To date, this has proved successful with 5.8k vehicles purchased (H1 FY26: 2.6k).
Our new store in Leeds successfully opened in July 2026 and marks the return to larger footprint stores. One of our smaller and less profitable stores at Ipswich was closed after the end of the period, and we are expanding our nearby Norwich store to compensate for any trading impact.
Wholesale
Wholesale units via Auction4Cars.com, which sells vehicles that have been part exchanged by retail customers, or directly purchased from consumers, increased by 9.5%. 15.84k vehicles were sold via this purely online platform (H1 FY26: 14.46k). Wholesale gross profit per unit reduced by 14.5% to £300, reflecting a higher proportion of profitable trade vehicles being retailed through the Group's retail channels, leaving a lower margin mix of vehicles within the wholesale operation (H1 FY26: £351).
Operating expenses
Operating expenses increased from £41.0m in H1 FY26 to £43.7m. Full time equivalent employees increased to 915 (September 2025: 787), as we responded to increased demand and expanded our workshop capability, as well as due to the opening of the Leeds store in July 2026. Employee costs also rose as a result of inflation and National Living Wage increases. Marketing costs increased slightly from £4.9m to £5.0m as we continue to target more market share offset by increased efficiency from the use of data and AI. Customer acquisition cost per retail unit decreased by 4.0% to £143 (H1 FY26: £149). Other variable costs remained tightly controlled.
Interest
The Group’s net finance expense was £5.3m (H1 FY26: £4.9m); reflecting increased investment in acquiring new stores as well as the impact of lease activity.
Total interest charges on the stocking facilities in the period were £3.5m (H1 FY26: £3.5m), reflecting higher inventory holding offset by slight reductions in interest rates. Interest on lease liabilities was £1.6m (H1 FY26: £1.1m) reflecting lease renewals, and interest on banking facilities was £0.2m (H1 FY26: £0.3m).
Taxation
The tax charge of £1.6m is based on the standard corporation tax rate of 25.0% (H1 FY26: 25.0%).
Shares
At 30 September 2026, 83,619,822 ordinary shares were outstanding, including 7,110,445 held in the Employee Benefit Trust.
Earnings per share
Basic and diluted earnings per share were 5.9p and 5.8p respectively (H1 FY26: 3.2p and 3.1p).
Dividends
During the period, the Group paid the final dividend in respect of the year ended 31 March 2026 of 1.2p per share, with an associated cash cost of £1.0m (H1 FY26: 1.0p per share, £0.9m).
The Board has declared an interim dividend of 2.0p per share (H1 FY26: 1.0p per share), which is expected to result in a cash distribution of approximately £1.6m.
Capital expenditure
Capital expenditure was £5.0m (H1 FY26: £1.3m) principally comprising investment in the opening of the Leeds store, the acquisition of a new freehold property for £2.0m and continued investment in technology, data and AI capabilities. Tight controls are in place to manage spend responsibly.
Balance sheet
Net assets increased since year end by £1.8m to £27.8m, which was due to increased profitability during the period offset by the dividend paid and shares purchased for the Employee Benefit Trust.
Non-current assets were £86.4m (31 March 2026: £82.9m) made up of £25.9m of property, plant and equipment, £56.8m right-of-use assets, intangible assets of £2.4m and a deferred tax asset of £1.3m (31 March 2026: £22.2m, £56.8m, £2.6m and £1.3m respectively).
The Group closed the period with £204.5m of inventory, up from £194.1m at 31 March 2026. Days in stock for the period were 54 days (H1 FY26: 49 days and FY26: 54 days).
At 30 September 2026, the Group had £170.0m (31 March 2026: £205.0m) of stocking finance facilities available of which £149.7m (31 March 2026: £145.8m) was drawn. Total is split Black Horse Limited £90.0m, and £80.0m with Lombard North Central Plc. During seasonal peaks in Q3 and Q4, these facilities increase by £15.0m and £20.0m respectively. In addition, following the end of the period, a further increase of £20.0m to the Lombard facility was agreed which is available throughout the full year.
The Group also had a banking facility with Santander UK plc, split between £6.0m available as an uncommitted overdraft, £14.0m available as a revolving credit facility and a further £10.0m property facility, at 30 September 2026. The revolving credit facility has a seasonal increase of £5.0m through Q3 and Q4.
Trade and other receivables of £20.4m increased from year end due to the timing of receipts and rebates (31 March 2026: £17.0m).
Trade and other payables, inclusive of the stock financing facilities, have increased to £202.2m (31 March 2026: £192.4m) with most of the movement being due to the increase in the stocking facility balance, in line with the inventory increase.
Total lease liabilities remained constant at £63.0m due to the additions in the period from renewals offsetting the unwinding of the liability (31 March 2026: £63.0m).
Cash flow
Cash flow from operations was £13.1m inflow (H1 FY26: £8.6m inflow), driven by increased profitability and improved working capital management.
Other main items in the cash flow include capital expenditure of £5.0m (H1 FY26: £1.3m), principal lease repayments of £2.7m (H1 FY26: £3.6m), interest payments of £5.3m (H1 FY26: £4.9m) and shares purchased for share schemes of £3.2m (H1 FY26: £Nil). The increase in debt from twelve months previously largely reflects significant capital expenditure to establish a strong pipeline of new stores, as well as share purchase activity.
Capital allocation
The Group’s objective when managing working capital is to ensure adequate working capital for all operating activities and liquidity, including comfortable headroom to take advantage of opportunities, or to weather short term downturns. The Group also aims to operate an efficient capital structure to achieve its business plan.
Our Capital Allocation Policy is aligned to strategy, whilst rewarding shareholders by maximising return through a disciplined prioritisation for the deployment of cash generated.
Organic Growth and Margin Expansion
We will grow retail volumes and margins by investing in new stores, data, brand, technology and new income streams.
Treatment of Excess Capital
The Board is committed to maintaining an efficient balance sheet; its expectation is that excess cash, over and above investment opportunities, including any acquisitions, will be returned to shareholders, in the form of share buybacks or dividends.
Acquisitions
Acquisitions will be considered if they are earnings per share accretive, carry an attractive risk profile and show clear industry logic. This could include acquiring existing trading stores to accelerate new store openings.
The Board has declared the payment of an interim dividend of 2.0p per share with an associated cash cost of £1.6m (H1 FY26: £0.9m).
Chris Morgan
Chief Financial Officer
11 November 2026
RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF THE FY27 UNAUDITED INTERIM RESULTS
The Directors confirm that these condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’, as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
- an indication of important events that have occurred during the first six months and their impact on the condensed consolidated interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
- material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
A list of current Directors and their biographies is maintained on the Motorpoint Group PLC website https://www.motorpoint.co.uk/plc
By order of the Board
Mark Carpenter
Chief Executive Officer
11 November 2026
Statement of Comprehensive Income
For the six months ended 30 September 2026
|
|
|
|
|
| |||
|
|
|
|
Unaudited Six Months ended 30 September 2026 |
Unaudited Six Months ended 30 September 2025 | |||
|
|
|
Note |
£m |
£m | |||
|
Revenue |
|
6 |
686.7 |
647.7 | |||
|
Cost of sales |
|
|
(631.3) |
(598.2) | |||
|
Gross profit |
|
|
55.4 |
49.5 | |||
|
Operating expenses |
|
|
(43.7) |
(41.0) | |||
|
Other income |
|
|
0.1 |
- | |||
|
Operating profit |
|
7 |
11.8 |
8.5 | |||
|
Finance costs |
|
8 |
(5.3) |
(4.9) | |||
|
Profit before taxation |
|
|
6.5 |
3.6 | |||
|
Taxation |
|
|
(1.6) |
(0.9) | |||
|
Profit for the period |
|
|
4.9 |
2.7 | |||
|
Total comprehensive income for the period attributable to equity holders of the parent |
|
|
4.9 |
2.7 | |||
|
|
|
|
|
|
|
| |
|
Earnings per share Basic Diluted |
|
9
|
5.9p 5.8p |
3.2p 3.1p | |||
|
|
|
|
|
|
|
|
|
The Group’s activities all derive from continuing operations.
Total comprehensive income for the period is all attributable to the shareholders of the Company.
Condensed Consolidated Balance Sheet
As at 30 September 2026
|
|
|
30 September 2026 (unaudited) |
As at 30 September 2025 (unaudited) |
As at 31 March 2026 |
|
|
Note |
£m |
£m |
£m |
|
ASSETS |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Property, plant and equipment |
|
25.9 |
10.5 |
22.2 |
|
Right-of-use assets |
|
56.8 |
48.3 |
56.8 |
|
Intangible assets |
|
2.4 |
2.2 |
2.6 |
|
Deferred tax assets |
|
1.3 |
1.3 |
1.3 |
|
Total non-current assets |
|
86.4 |
62.3 |
82.9 |
|
Current assets |
|
|
|
|
|
Inventories |
|
204.5 |
186.9 |
194.1 |
|
Trade and other receivables |
|
20.4 |
21.6 |
17.0 |
|
Cash and cash equivalents |
|
4.7 |
4.5 |
5.2 |
|
Assets held for sale |
10 |
- |
4.9 |
- |
|
Total current assets |
|
229.6 |
217.9 |
216.3 |
|
TOTAL ASSETS |
|
316.0 |
280.2 |
299.2 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Trade and other payables, excluding contract liabilities |
|
(202.2)
|
(192.4)
|
(192.4)
|
|
Borrowings |
11 |
(19.0) |
(5.0) |
(14.0) |
|
Lease liabilities |
|
(7.3) |
(7.1) |
(6.6) |
|
Current tax liabilities |
|
(2.7) |
(1.4) |
(2.5) |
|
Total current liabilities |
|
(231.2) |
(205.9) |
(215.5) |
|
NET CURRENT ASSETS |
|
(1.6) |
12.0 |
0.8 |
|
Non-current liabilities |
|
|
|
|
|
Lease liabilities |
|
(55.7) |
(47.9) |
(56.4) |
|
Provisions |
|
(1.3) |
(2.1) |
(1.3) |
|
Total non-current liabilities |
|
(57.0) |
(50.0) |
(57.7) |
|
TOTAL LIABILITIES |
|
(288.2) |
(255.9) |
(273.2) |
|
NET ASSETS |
|
27.8 |
24.3 |
26.0 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Share capital |
12 |
0.8 |
0.8 |
0.8 |
|
Capital redemption reserve |
|
0.2 |
0.2 |
0.2 |
|
Capital reorganisation reserve |
|
(0.8) |
(0.8) |
(0.8) |
|
Employee Benefit Trust reserve |
|
(11.4) |
(7.7) |
(8.8) |
|
Retained earnings |
|
39.0 |
31.8 |
34.6 |
|
TOTAL EQUITY |
|
27.8 |
24.3 |
26.0 |
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 September 2026
|
Six Months ended 30 September 2026 (Unaudited) |
|
Share capital |
Capital redemption reserve |
Capital reorganisation reserve |
EBT |
Retained earnings |
Total |
|
|
|
£m |
£m |
£m |
£m |
£m |
£m |
|
At 1 April 2026 |
|
0.8 |
0.2 |
(0.8) |
(8.8) |
34.6 |
26.0 |
|
Profit for the period |
|
- |
- |
- |
- |
4.9 |
4.9 |
|
Transactions with owners in their capacity as owners: |
|
|
|
|
|
|
|
|
Share-based payments |
|
- |
- |
- |
- |
0.8 |
0.8 |
|
EBT share purchases and commitments |
|
- |
- |
- |
(3.2) |
- |
(3.2) |
|
Share-based compensation options satisfied through EBT
Payment of dividends
|
|
-
- |
-
- |
-
- |
0.6
- |
(0.3)
(1.0) |
0.3
(1.0) |
|
At 30 September 2026 |
|
0.8 |
0.2 |
(0.8) |
(11.4) |
39.0 |
27.8 |
|
Six Months ended 30 September 2025 (Unaudited) |
|
Share capital |
Capital redemption reserve |
Capital reorganisation reserve |
EBT |
Retained earnings |
Total |
|
|
|
£m |
£m |
£m |
£m |
£m |
£m |
|
At 1 April 2025 |
|
0.9 |
0.1 |
(0.8) |
(8.5) |
35.2 |
26.9 |
|
Profit for the period |
|
- |
- |
- |
- |
2.7 |
2.7 |
|
Transactions with owners in their capacity as owners: |
|
|
|
|
|
|
|
|
Share-based payments |
|
- |
- |
- |
- |
0.6 |
0.6 |
|
Buyback and cancellation of shares |
|
(0.1) |
0.1 |
- |
- |
(5.0) |
(5.0) |
|
Share-based compensation options satisfied through EBT
Payment of dividends
|
|
-
- |
-
- |
-
- |
0.8
- |
(0.8)
(0.9) |
-
(0.9) |
|
At 30 September 2025 |
|
0.8 |
0.2 |
(0.8) |
(7.7) |
31.8 |
24.3 |
Condensed Consolidated Cash Flow Statement
For the six months ended 30 September 2026
|
|
Unaudited Six Months ended 30 September 2026 |
Unaudited Six Months ended 30 September 2025 |
|
|
£m |
£m |
|
|
|
|
|
Profit attributable to equity shareholders |
4.9 |
2.7 |
|
Adjustments for: |
|
|
|
Taxation charge |
1.6 |
0.9 |
|
Finance costs |
5.3 |
4.9 |
|
Operating profit |
11.8 |
8.5 |
|
Share-based payments |
0.8 |
0.6 |
|
Depreciation and amortisation charges |
4.5 |
5.1 |
|
Cash flow from operations before movements in working capital |
17.1 |
14.2 |
|
Increase in inventory |
(10.4) |
(35.5) |
|
Increase in trade and other receivables |
(3.4) |
(8.2) |
|
Increase in trade and other payables |
9.8 |
38.1 |
|
Cash generated from operations |
13.1 |
8.6 |
|
Interest paid on borrowings and financial facilities |
(3.7) |
(3.8) |
|
Interest paid on lease liabilities |
(1.6) |
(1.1) |
|
Income tax paid |
(1.5) |
- |
|
Net cash generated from operating activities |
6.3 |
3.7 |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
Purchases of property, plant and equipment and intangible assets |
(5.0) |
(1.3) |
|
Net cash used in investing activities |
(5.0) |
(1.3) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
Payments to acquire own shares for cancellation |
- |
(5.0) |
|
Payments to acquire own shares for share schemes |
(3.2) |
- |
|
Proceeds from exercise of share-based payments |
0.1 |
- |
|
Repayment of leases |
(2.7) |
(3.6) |
|
Repayment of borrowings |
(19.0) |
(38.5) |
|
Proceeds from borrowings |
24.0 |
43.5 |
|
Payment of dividends |
(1.0) |
(0.9) |
|
Net cash used in financing activities |
(1.8) |
(4.5) |
|
|
|
|
|
Net decrease in cash and cash equivalents |
(0.5) |
(2.1) |
|
Cash and cash equivalents at the beginning of the period |
5.2 |
6.6 |
|
Cash and cash equivalents at end of the period |
4.7 |
4.5 |
|
Net cash and cash equivalents comprises: |
|
|
|
Cash at bank |
4.7 |
4.5 |
The notes form an integral part of these Condensed Consolidated Interim Financial Statements.
- Basis of Preparation
Motorpoint Group PLC (the Company) is incorporated and domiciled in the United Kingdom under the Companies Act 2006.
The Company is a public company limited by shares and is listed on the London Stock Exchange; the address of the registered office is Champion House, Stephensons Way, Derby, DE21 6LY. The Condensed Consolidated Interim Financial Statements of the Company as at and for the six months ended 30 September 2026 comprise the Company, all of its subsidiaries and the Motorpoint Group PLC Employee Benefit Trust (the 'EBT'), together referred to as the “Group”. These Interim financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates.
The Condensed Consolidated Interim Financial Statements for the six months ended 30 September 2026 are unaudited and the auditors have not performed a review in accordance with ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity.
Going Concern
The interim financial statements are prepared on a going concern basis. The Directors have reviewed the Group's latest trading performance, forecasts and cash flow projections for a period of at least 12 months from the date of approval of these interim financial statements. In making this assessment, the Directors have considered a range of reasonably possible trading outcomes, together with the Group's financing arrangements and covenant obligations.
At the balance sheet date, the Group had cash balances of £4.7m and access to an undrawn overdraft facility of £6.0m. The Group's funding requirements are seasonal in nature and available borrowing capacity increased by £5.0m shortly after the reporting date in accordance with the agreed terms of the facility.
Subsequent to the reporting date, the Group increased its available funding through a £20.0m uplift in its Lombard stocking facility. This arrangement increases available liquidity and provides enhanced operational flexibility, supporting the Directors' assessment that the Group has adequate resources to continue in operational existence for the foreseeable future.
The Board has considered a severe but plausible downside scenario, when compared with the base model, in considering the going concern status of the Group, reducing volumes and prices, and increasing interest rates and comparing with headroom available against banking covenants and liquid resources required to continue trading. In this case, the business would make efforts to reduce expenditure at both current sites and consider the capital expenditure for any new sites. This scenario demonstrates that the Group would comply with the relevant covenants.
The Directors have considered the potential impact of economic uncertainties and have concluded that these do not give rise to a material uncertainty in respect of the Group's ability to continue as a going concern.
Having considered the Group's forecast trading performance, available liquidity, banking facilities and the results of the downside modelling performed, together with the positive trading momentum reflected in the profit upgrade announced during the period, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the interim financial statements have been prepared on a going concern basis.
- Statement of Compliance
These Condensed Consolidated Interim Financial Statements have been prepared in accordance with UK adopted IAS 34 Interim Financial Reporting and the Disclosure and Transparency Rules sourcebook of the UK’s Financial Conduct Authority. The financial information included does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 (‘the Act’) and do not include all the information required for full annual financial statements. Accordingly, they should be read in conjunction with the Annual Report and Financial Statements of Motorpoint Group PLC for the year ended 31 March 2026. These condensed consolidated interim financial statements were approved by the Board of Directors on 10 November 2026.
- Significant Accounting Policies
The same accounting policies, presentation and methods of computation which were followed in the preparation of the Annual Report and Financial Statements for Motorpoint Group PLC for the period ended 31 March 2026 have been applied to these Condensed Consolidated Interim Financial Statements where applicable. The accounting policies and details of new standards adopted in the year ended 31 March 2026 are listed in the Motorpoint Group PLC Annual Report and Financial Statements on pages 109-116.
- Comparative Figures
The comparative figures for the financial year ended 31 March 2026 are extracted from the Motorpoint Group PLC Annual Report and Financial Statements for that financial year. The accounts have been reported on by the Company’s auditor and delivered to the Registrar of Companies. The report of the auditor was (i) unqualified (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498(2) or (3) of the Act.
- Segmental Reporting
The Group has prepared segmental reporting in accordance with IFRS 8 ‘Operating Segments’. The Group’s chief operating decision maker is considered to be the Board of Directors. Segmental information is presented on the same basis as the management reporting. An operating segment is a component of the business where discrete financial information is available and the operating results are regularly reviewed by the Group’s chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance.
Operating segments are aggregated into reporting segments to combine those with similar characteristics.
The Group operates its omnichannel vehicle retailer offering through a store network and separate financial information is prepared for these individual store operations. These stores are considered separate ‘cash generating units’ for impairment purposes. However, it is considered that the nature of the operations and products is similar and they all have similar long term economic characteristics and the Group has applied the aggregation criteria of IFRS 8. In addition, the Group operates an independent trade car auction site offering a business-to-business entirely online auction marketplace platform which is assessed by the Board as a separate operation and thus there are two reportable segments: retail and wholesale.
|
|
Retail 30 September 2026 £m |
Retail 30 September 2025 £m |
Wholesale 30 September 2026 £m |
Wholesale 30 September 2025 £m |
Total 30 September 2026 £m |
Total 30 September 2025 £m |
|
Revenue |
612.7 |
574.8 |
74.0 |
72.9 |
686.7 |
647.7 |
|
Cost of sales |
(562.1) |
(530.4) |
(69.2) |
(67.8) |
(631.3) |
(598.2) |
|
Gross profit |
50.6 |
44.4 |
4.8 |
5.1 |
55.4 |
49.5 |
- Revenue
Revenue represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is measured at the fair value of the consideration receivable, when it can be reliably measured, and the specified recognition criteria for the sales type has been met. The transaction price is determined based on periodically reviewed prices and are separately identified on the customer’s invoice. There are no estimates of variable consideration.
The transaction price for motor vehicles and motor related services is at fair value as if each of those products are sold individually.
(i) Sales of motor vehicles
Revenue from the sale of retail motor vehicles is recognised when the control has passed; that is, when the vehicle has been collected by, or delivered to, the customer. Payment of the transaction price is due immediately when the customer purchases the vehicle. Sales of accessories, such as mats, are recognised in the same way.
Revenue from the sale of wholesale vehicles is recognised when the control has passed; that is, when full payment has been made for the vehicle. The Group also sells wholesale vehicles in bulk transactions to auction houses. When this is the case revenue is recognised upon the earlier of collection of the vehicles or full payment.
The Group operates a return policy which is consistent with the relevant consumer protection regulations.
(ii) Sales of motor related services and commissions
Motor related services sales include commissions on finance introductions, extended guarantees, paint protection products, and cosmetic and alloy wheel maintenance plans. Sales of paint protection products are recognised when the control has passed; that is, the protection has been applied and the product is supplied to the customer.
The assessment is based on whether the Group controls the specific goods and services before transferring them to the end customer, rather than whether it has exposure to significant risks and rewards associated with the sale of goods or services.
The Group receives commissions when it arranges finance, insurance packages, extended warranty and paint/cosmetic protection for its customers, acting as agent on behalf of a limited number of finance, insurance and other companies. For finance and insurance packages, commission is earned and recognised as revenue when the customer draws down the finance or commences the insurance policy from the supplier which coincides with the delivery of the product or service. Commissions receivable for all motor related services are paid typically in the month after the finance is drawn down. For extended warranty and paint/cosmetic protection, the commission earned by the Group as an agent is recognised as revenue at the point of sale on behalf of the principal.
|
|
Six Months ended 30 September 2026 |
Six Months ended 30 September 2025 |
|
|
£m |
£m |
|
Revenue from sale of motor vehicles |
653.5 |
615.9 |
|
Revenue from motor related services and commissions |
27.7 |
28.7 |
|
Revenue recognised that was included in deferred income at the beginning of the period – Sale of motor vehicles |
2.5 |
0.1 |
|
Revenue recognised that was included in deferred income at the beginning of the period – Motor related services and commissions |
3.0 |
3.0 |
|
Total Revenue |
686.7 |
647.7 |
7. Operating profit
Analysed as:
|
Operating profit includes the effect of charging: |
Six Months |
Six Months |
|
Inventory recognised as expense |
629.3 |
595.8 |
|
Movement in provision against inventory |
- |
0.1 |
|
Employee benefit expense |
23.6 |
20.7 |
|
Depreciation of property, plant and equipment and right-of-use assets |
3.9 |
4.4 |
|
Amortisation of intangible assets |
0.6 |
0.7 |
|
Expense on short term and low value leases |
- |
0.1 |
|
Total expenses comprise: |
Six Months |
Six Months |
|
Cost of sales |
631.3 |
598.2 |
|
Operating expenses: |
|
|
|
Selling and distribution expenses |
10.8 |
9.9 |
|
Administrative expenses |
32.9 |
31.1 |
|
Total operating expenses |
43.7 |
41.0 |
|
Total expenses |
675.0 |
639.2 |
8. Finance costs
|
|
Six Months ended 30 September 2026 |
Six Months ended 30 September 2025 |
|
|
£m |
£m |
|
Interest on bank borrowings |
0.2 |
0.3 |
|
Interest on stocking finance facilities |
3.5 |
3.5 |
|
Other interest payable |
1.6 |
1.1 |
|
Total finance costs |
5.3 |
4.9 |
9. Earnings per Share
Basic and diluted earnings per share are calculated by dividing the earnings attributable to equity shareholders by the weighted average number of ordinary shares at the end of the period.
|
|
Six Months ended 30 September 2026 |
Six Months ended 30 September 2025 |
|
Profit attributable to ordinary shareholders (£m) |
4.9 |
2.7 |
|
Weighted average number of ordinary shares in Issue (’000) |
83,620 |
84,994 |
|
Basic Earnings per share (pence) |
5.9 |
3.2 |
|
Diluted number of shares in issue (’000) |
84,229 |
85,999 |
|
Diluted Earnings per share (pence) |
5.8 |
3.1 |
The difference between the basic and diluted weighted average number of shares represents the dilutive effect of the various Group share plans. This is shown in the reconciliation below.
|
|
Six Months |
Six Months ended 30 September |
|
Weighted average number of ordinary shares in Issue (’000) |
83,620 |
84,994 |
|
Adjustment for share options (‘000) |
609 |
1,005 |
|
Weighted average number of ordinary shares for diluted earnings per share (‘000) |
84,229 |
85,999 |
|
10. Assets held for sale |
30 September 2026 £m
|
30 September 2025 £m |
|
Land and buildings |
- |
4.9 |
|
|
|
|
Assets classified as held for sale in the prior year comprised land and buildings relating to the Group’s site in Derby, which was subsequently leased back.
11. Borrowings
At 30 September 2026, the Group had £170.0m (31 March 2026: £205.0m) of stocking finance facilities available of which £149.7m (31 March 2026: £145.8m) was drawn. (Total is split Black Horse Limited £90.0m, and £80.0m with Lombard North Central Plc). During seasonal peaks in Q3 and Q4, these facilities increase by £15.0m and £20.0m respectively. In addition, following the end of the period, a further increase of £20.0m to the Lombard facility was agreed which is available throughout the full year.
The Group also had a banking facility with Santander UK plc, split between £6.0m available as an uncommitted overdraft, £14.0m available as a revolving credit facility and a further £10.0m property facility, at 30 September 2026. The revolving credit facility has a seasonal increase of £5.0m through Q3 and Q4.
12. Share Capital
|
|
30 September 2026 |
31 March 2026 | ||
|
|
Number ‘000 |
Amount £m |
Number ‘000 |
Amount £m |
|
Allotted, called up and fully paid ordinary shares of 1p each |
|
|
|
|
|
Balance at the beginning of the period |
83,620 |
0.8 |
86,620 |
0.9 |
|
Bought back and cancelled during the period |
- |
- |
(3,000) |
(0.1) |
|
Balance at the end of the period |
83,620 |
0.8 |
83,620 |
0.8 |
The Group does not have a limited amount of authorised capital.
13. Dividends
The aggregate amount of dividend paid in the period comprises:
|
|
Six Months £m
|
Six Months ended 30 September 2025 £m |
|
FY25 final dividend (1.0p on 85.2m ordinary shares) |
- |
0.9 |
|
FY26 final dividend (1.2p on 83.6m ordinary shares) |
1.0 |
- |
Subsequent to the end of the period, the Directors have declared a 2.0p per share interim dividend (H1 FY26: 1.0p), payable on 11 December 2026, with a record date of 20 November 2026.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 hour ago Tertiary Minerals
- 1 hour ago Hargreaves Services
- 14 hours ago ASOS
- 15 hours ago MJ Gleeson
- 15 hours ago Rolls-Royce Holdings