Motorpoint Group plc AGM Trading Update & Board Change (8798W)
24 August 2020 - 4:00PM
UK Regulatory
TIDMMOTR
RNS Number : 8798W
Motorpoint Group plc
24 August 2020
24 August 2020
Motorpoint Group PLC
("Motorpoint", the "Company" or the "Group")
AGM Trading Update, Board Change & Withdrawal of AGM
Resolution
Motorpoint Group PLC, the UK's leading independent omni-channel
vehicle retailer, today provides an update on trading for the 20
weeks to 21(st) August 2020 and announces that after five years as
the Group's Chief Financial Officer, James Gilmour has tendered his
resignation to the Board in order to leave the Group and pursue
other business interests. As a result, James will not seek
re-election at today's Annual General Meeting.
As previously announced, the health of the Company's
shareholders, employees and stakeholders remains of primary
importance to the Board. Shareholders are therefore requested not
to attend the AGM as the Company will not be able to allow entry to
anyone seeking to attend the AGM in person.
Trading Update
Mark Morris, Chairman of Motorpoint will make the following
statement at the Company's Annual General Meeting to be held at
10:00am today:
"Over the last 11 weeks, the period which the Group's retail
sites have been fully reopened, the Board has seen its key
operational and trading metrics comfortably ahead of the equivalent
period last year.
"The Board has been encouraged by this momentum, which has been
achieved across the Group's combined customer channels including
its 13 retail sites, online channel and its Home Delivery
proposition. Supply of stock and margin remains strong.
"In light of the significant uncertainty which remains as a
result of the pandemic and the sustainability of any recovery in
consumer confidence, it remains too early to reinstate guidance at
this stage. However, the Board believes that Motorpoint is very
well positioned to build on the opportunities in the year
ahead."
The Group expects to issue its Half Year Trading Update on the 8
October 2020.
Board Change
James Gilmour joined the Group in 2015 and was instrumental in
preparing for the IPO in 2016 and leading the finance function
through the next phase of growth as a listed company. He has
developed a strong team and feels that he is leaving Motorpoint in
the best possible shape to continue on its growth journey. A search
process to find a successor is already underway and James will
remain with the Group to ensure an orderly transition when such an
appointment is made. The Board will update shareholders on progress
as and when appropriate.
Withdrawal of AGM Resolution
As the Company's AGM Notice has already been issued, the Company
confirms that the resolution to re-elect James Gilmour as an
executive director of the Company (resolution number 5) is now
withdrawn. The withdrawal of resolution number 5 does not otherwise
affect the validity of the Notice of Meeting, the proxy form or any
proxy votes already submitted on other proposed resolutions. The
numbering of all other proposed resolutions at the AGM will remain
unchanged.
Mark Carpenter, Chief Executive Officer of Motorpoint
commented:
"Our trading and operational performance since the reopening of
our retail estate has been encouraging, with the team back to their
best across the business. Whilst there is considerable uncertainty
around the pandemic's future impact on trade, I am confident that
our market leading omni-channel proposition is strong and will
continue to deliver market share gains."
"I would also like to take this opportunity, on behalf of the
Board, to thank James for his significant contribution to
Motorpoint's success over the past five years. James helped to
prepare the Group for and deliver its successful IPO and leaves
behind a strong finance team and business going from strength to
strength. It has been a pleasure to work alongside James and I wish
him the very best with his future endeavours."
This announcement is made in compliance with the Company's
obligations under the Listing Rule 9.6.11 and includes inside
information as defined in Article 7 of the Market Abuse Regulation
No. 596/2014.
Enquiries:
Motorpoint Group PLC via FTI Consulting
Mark Carpenter, Chief Executive Officer
FTI Consulting (Financial PR)
Alex Beagley
James Styles
Sam Macpherson 020 3727 1000
Notes to editors
Motorpoint is the largest independent vehicle retailer in the
United Kingdom. The Group's principal business is the sale of
nearly-new vehicles, the majority of which are up to two years old
and which have covered less than 15,000 miles. Motorpoint sells
vehicles from brands representing over 95 per cent of new vehicle
sales in the United Kingdom, with models from Ford, Vauxhall,
Volkswagen, Nissan, Hyundai, Audi and BMW being amongst the top
sellers. The Group operates from 13 retail sites across the United
Kingdom: Birmingham, Birtley, Burnley, Castleford, Chingford,
Derby, Glasgow, Newport, Oldbury, Peterborough, Sheffield, Swansea
and Widnes, of which five have opened in the last five years;
together with a national contact-centre dealing with online
enquiries.
More information is available at www.motorpointplc.com and
www.motorpoint.co.uk .
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END
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