Motorpoint has posted a short trading update where it said trading in Q1 has delivered “solid sales and profits”.

Mark Morris, chairman of the ID50 used car supermarket group, said the pace of trading continued into the early weeks of Q2.

He said: “Group stock and immediate supply outlook are strong, and the board remains confident of delivering the full year performance in line with management expectations.”

Morris will make the statement as part of Motorpoint’s annual general meeting trading update at 11am today.

Motorpoint's last financial results to March 31 2018 show pre-tax profits reached £20 million, up from £11.7m, as the 12-site group grew turnover by 20.6% to £991.2m.

PBT excluding exceptional items related to a charge for prior years for a VAT assessment was 32.5% up at £20.8m.

Motorpoint’s principal business is the sale of nearly-new vehicles, the majority of which are up to two years old and which have covered under 15,000 miles.

The group operates from 12 retail sites across the UK; Derby, Burnley, Glasgow, Newport, Peterborough, Chingford, Birmingham, Widnes, Birtley, Castleford, Oldbury and Sheffield, of which four have opened in the last three years; together with a national contact-centre dealing with online enquiries.