Motorpoint, which has branches in Sheffield and Castleford, reported revenue of £721.4m, down 29.1 per cent from £1bn the previous year.

The national vehicle retailer also reported pre-tax profit of £9.7m for the year ended March 31, 2021, down from £18.8m the previous financial year.

The business has announced plans to significantly increase its rate of growth, with the aim of at least doubling financial year 2020 revenue to over £2bn in the medium term.

Motorpoint says it intends to do this by growing its e-commerce revenue to over £1bn by increasing investment in marketing, technology and data.

It is also aiming to open 12 new sales and collection branches to service revenue growth.

Mark Carpenter, CEO of Motorpoint, said: “I am delighted with our performance in the year given the external challenges faced as we have transformed our capability by continuing to invest in our e-commerce execution.

“We now have a fully scaled home delivery service, an integrated, end-to-end digital customer journey, additional capacity to grow through our increased preparation and branch presence, and an ambitious growth strategy to more than double revenue and profit in the medium term through increased investment in technology, marketing, data and talent.

“Motorpoint is already well advanced on its journey to become the dominant e-commerce led omnichannel used car retailer in the UK with an unrivalled consumer offering in the nearly new market, coupled with a digital-led auction channel with huge potential.

“We will continue investing in the business to achieve our medium term goal of at least doubling revenue and growing e-commerce revenue to over £1bn.

“We now have an opportunity to grow rapidly as we continue our transformation into an e-commerce led business with huge potential.”