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FY17 Annual Report

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FY17 Annual Report Motorpoint Group Plc MOTORPOINT GROUP PLC Annual Report and Accounts 2017 STRENGTH THROUGH INDEPENDENCE Motorpoint Group Plc Annual Report and Accounts 2017 STRENGTH THROUGH INDEPENDENCE 2 The right business model to create value 4 Our independence supports our brand values 6 Our people are at the heart of what we do Strategic Report Governance 57 Consolidated Balance Sheet 58 Consolidated Statement of 1 Financial Highlights 27 Chairman’s Introduction to Governance Changes in Equity 2 Strength Through Independence 28 Board of Directors 59 Consolidated Cash Flow Statement and Company Secretary 8 Chairman’s Statement 60 Notes to the Consolidated 30 Corporate Governance Statement 10 Chief Executive’s Statement Financial Statements 33 Nomination Committee Report 13 Market Report 79 Independent Auditors’ Report on the 34 Audit Committee Report Company Financial Statements 14 Our Strategy 36 Remuneration Committee Report 81 Company Balance Sheet 15 Key Performance Indicators 38 Remuneration Policy 82 Company Statement of Changes 16 Financial Review in Equity 44 Annual Report on Remuneration 22 Risk Management 82 Company Statement of Cash Flows 49 Directors’ Report 23 Principal Risks and Uncertainties 83 Notes to the Company 25 Sustainability Financial Statements Financial Statements 51 Independent Auditors’ Report on the 87 Glossary Consolidated Financial Statements 88 Advisers and Shareholder Information 56 Consolidated Income Statement THE UK’S LARGEST INDEPENDENT VEHICLE RETAILER Motorpoint sells nearly-new vehicles, most of which are up to two years old and have covered less than 15,000 miles. We sell vehicles from all of the biggest brands, with our best sellers including models from Ford, Vauxhall, Volkswagen, Nissan, Hyundai, Audi, BMW and Mercedes-Benz. We operate from 12 retail sites across Great Britain (11 at 31 March 2017), supported by a central contact centre which deals with digital and telephone enquiries. Our Auction4Cars.com, a business to business digital auction platform, allows an efficient and quick route for sale of part-exchange vehicles which do not fall into our nearly-new retail criteria. FINANCIAL HIGHLIGHTS +12.7% £15.7m 12.7p Revenue increased by 12.7% Profit before taxation and Adjusted basic earnings to £822.0m (FY16: £729.2m) exceptional items (FY16: £18.2m) per share (FY16: 14.7p) £13.6m £11.7m 4.23p Cash flow from operations before Profit before tax (PBT) 1.33p interim dividend paid, exceptional items (FY16: £19.5m) (FY16: £16.9m) 2.90p final dividend proposed OPERATIONAL/STRATEGIC HIGHLIGHTS Opened our 10th retail site, in Castleford, in April 2016 and 11th retail site, in Oldbury, in July 2016. Post period end we opened our 12th retail site in Sheffield. Significant increase in repeat customers to represent 25% of volume in FY17. Net Promoter Score (NPS) performance improved at every site with a Group average of 77%. Floated on the premium listing of the London Stock Exchange on 18 May 2016. Motorpoint Group Plc Annual Report and Accounts 2017 1 Strategic Report STRENGTH THROUGH INDEPENDENCE THE RIGHT BUSINESS MODEL TO CREATE VALUE We are proud to be independent. We can open sites where we see opportunity, buy the stock that our customers are demanding and take pride in developing our people to deliver the Motorpoint values. We aren’t a franchise operation, so are free from the influence that the franchised dealers may feel from their manufacturer partners. This allows us to take market opportunities where available and operate without brand restriction. WHAT MAKES US DIFFERENT? Franchised dealer Motorpoint Can only expand with agreement We can open wherever we see a market of the manufacturer. opportunity; speed and scale are in our control. Typically has to acquire an existing dealer, We can choose to buy an existing dealer, New sites and often paying significant goodwill. or develop a new operation, avoiding the growth opportunity need for goodwill payments. The only retailer in the local market selling 100% dedicated to nearly-new car sales. brand new cars from that manufacturer. Supplemented by used cars, parts and servicing. Product offer Customer perception of the dealer’s brand We build our own brand independently; is substantially dictated by their our reputation is formed purely by how our team perception of that manufacturer. and customers feel about us. Brand and reputation Typically only one or two brands available On average 33 brands available on site or online, on a single site. spanning all of the leading makes and models, Stock substantially secured from the tied OEM. sourced from multiple channels. Breadth All stock is available nationally and can be moved of stock to a customer’s local site for a maximum of £99. Manufacturer prescribes operational and customer No external restrictions or controls. relations systems, staff recruitment and training Proprietary systems can be built; bespoke values- programmes, specifications for showroom fit-out, led development and staff engagement programme; the geography into which the dealer can advertise, marketing can be via any channel or into any Operational the format of customer satisfaction programmes control geography; showroom fit-out costs support and marketing messages. Motorpoint’s value proposition. Typically provided on standard terms Free to negotiate for the most competitive terms by the manufacturer. on the external market. Financing 2 Motorpoint Group Plc Annual Report and Accounts 2017 The service was excellent from start to finish, all the staff were very helpful, no pushy salesman, left to look around without being pestered. Customer quote from Feefo 4.6 average site Google 6,916 review rating average number of cars available each £8,547 day during Q4 FY17 average savings to 40 list price in FY17 different brands 12 sold in the year sites from May 2017 Motorpoint Group Plc Annual Report and Accounts 2017 3 Strategic Report STRENGTH THROUGH INDEPENDENCE OUR INDEPENDENCE SUPPORTS OUR BRAND VALUES Our vision is “To be the Car Buyer’s Champion by offering unrivalled Choice, Value and Service”. Our aim today is exactly the same as when we opened our doors in 1998, which is to provide customers with the lowest prices on a huge selection of low mileage new and nearly-new cars. We constantly innovate to deliver outstanding customer service; the foundation for our record levels of repeat customers. 77% Net Promoter Score 4 Motorpoint Group Plc Annual Report and Accounts 2017 Choice Value Service Customer A broad range of vehicles always Being the biggest allows us to 100% stock mobility across the offer available, from different command competitive prices when UK between any of our sites. manufacturers and across we source stock and we pass those Convenience-led initiatives, such a spectrum of price points. savings on to our customers. as Same Day Driveaway, and a Customers can choose to buy Modest capital investment in new range of financing and ancillary online or at any one of our 12 sites. sites and no requirement to pay products available. for goodwill helps manage the Part-exchanges competitively overhead base. priced and managed through Auction4cars.com. Strategic New site openings. Market data (pricing) and staying Paperless collections. developments New buying relationships ahead of market. New warranty product. in FY17 and expanding stock profile. New site terms and absence New Auction4cars.com locations. Growth in online team. of goodwill payments. New lower finance rate. Highlighted Number of sites: GP to overheads ratio: NPS of 77% measures 12 137% 25% proportion of repeat customers 137% GP to overheads Motorpoint Group Plc Annual Report and Accounts 2017 5 Strategic Report Every one of my site management team have been promoted internally which means that they live and breathe Motorpoint core values and team commitments. JON GRACE BURNLEY GENERAL MANAGER 6 Motorpoint Group Plc Annual Report and Accounts 2017 STRENGTH THROUGH INDEPENDENCE OUR PEOPLE ARE AT THE HEART OF WHAT WE DO Our operating model is focused on putting the employee first. This means empowering our employees and giving them the skills and confidence to champion the customer. We achieve this through living our Core Values and Team Commitments. By focusing on putting our team first, we have created and fostered a culture that creates a virtuous circle; employees feel empowered, supported and well positioned to provide a professional, friendly and knowledgeable vehicle buying experience, which in turn delivers positive results for the Group and an increased level of repeat custom. Putting our team first Core Values and overview Read more p9 of virtuous circle. Strategic Free share award and launch of SAYE. developments Training and development progress. in FY17 New sites support. Read more p11 Highlighted SAYE take-up. measures Employee engagement. Jobs created. Top 100 74 49% Best Mid-Sized new jobs created of employees Companies to Work For, participated in three years running our first SAYE Motorpoint Group Plc Annual Report and Accounts 2017 7 Strategic Report CHAIRMAN’S STATEMENT The Company’s dedication to offering Choice, Value and Service will ensure that Motorpoint remains the Car Buyer’s Champion. MARK MORRIS NON-EXECUTIVE CHAIRMAN Trading and Financial Performance Our Market Following our successful admission to the We have seen the market continue London Stock Exchange in May 2016, our to grow this year, a demand that we trading and financial performance in the are ideally positioned to deliver. The weeks around the UK Referendum on EU franchised dealer groups have stated membership and in the months that followed their ambition to grow their used car was undoubtedly disappointing and revenue as the outlook for the new car affected the whole year’s performance. market loses momentum. But our business Whilst there are always lessons to be model is built on a unique customer learned, I believe that management made proposition based on Choice, Value and appropriate decisions in this period of Service, a commitment to getting a highly uncertainty and reduced demand.
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