Car dealership group Motorpoint has accelerated progress towards its goal of becoming a £2billion retailer, rebounding from a 2021 pandemic.
But he warned it is “increasingly difficult to predict” how the cost of living crisis will affect consumer behavior.
Rising inflation and global vehicle supply chain challenges “are very likely to reduce overall sales and transactions in our markets.”
However, the Derby-based group remain positive they remain on track to deliver on their medium-term ambitions.
It generated revenues of £1.32 billion in the year to March 2022, which is £600 million more than in 2021 and £300 million more than in 2020.
Its pre-tax profit of £21.5million is its best result since 2019.
Motorpoint Managing Director Mark Carpenter said, “I am extremely pleased with the progress we have made on our medium-term strategic objectives and I am confident that Motorpoint will be a winner in these rapidly changing markets.
“We are building a market leader with a disciplined operating culture, and we are confident in the plan we presented a year ago.”
Its growth plan targets online revenue of over £1bn a year, with an omnichannel e-commerce offering including its Auction4Cars.com auction channel.