Used car supermarket Motorpoint turned in a strong H1 performance with pre-tax profits surging 80% to £3.6m on turnover up 15% to £647.7m.
Motorpoint used car sales rose 7.4% compared to the overall market which was up 2.8%.
It said finance commission income remains subdued due to relatively high interest rates.
Mark Carpenter, chief executive officer of Motorpoint Group, said: “I am pleased to report another strong performance in the first half of the year, in which we increased our retail volumes by 8.9% and gross profit by 10.7%.
“We significantly outperformed the wider used car market during the period, demonstrating that our proposition to make car buying easy continues to resonate strongly with customers.
“While we are mindful of the imminent Autumn Budget, and the subsequent effect on the consumer environment, trading since the period end confirms that demand for Motorpoint cars remains strong.
Motorpoint chairman Jon Walden was cautious about the outlook. “Motorpoint expects to continue to face less than robust market conditions for the foreseeable future.
“Interest rates remain high, UK economic growth is lacklustre, and the effect of global disruptions in trade on the UK used car industry are unclear.
“Nevertheless, we are cautiously optimistic that economic trends are broadly favourable, confident that Motorpoint is well positioned to benefit from an improved used car market and looking increasingly to the future by increasing our investment in our strategic capabilities.”
