Auto Trader annual revenues motor ahead

30th May 2024 07:02

(Sharecast News) - Auto Trader Group said on Thursday that the new financial year had got off to a strong start, after it posted in jump in annual sales and profits.

The car marketplace specialist said revenues in the year to 30 May rose 14% to £570.9m. Within that, Auto Trader sales increased 12% to £529.7m while leasing specialist Autorama saw a 51% increase to £41.2m.

Group adjusted earnings before interest, tax, depreciation and amortisation rose 14% to £375.3m, while pre-tax profits increased 18% to £345.2m.

The London-listed firm said more than 75% of all minutes spent on automotive classified sites were spent on Auto Trader during the year, unchanged on 2023.

Like-for-like retailer numbers rose 1%, after the impact of the Webzone disposal in the previous year was stripped out.

Average revenue per retailer (ARPR) was up 12% at £2,721 on average per month, boosted by continued uptake of additional products and services.

Auto Trader said the "robust" used car market seen in the 2024 full-year was expected to continue into the current year.

"Demand is resilient, with cars continuing to sell faster than before the pandemic and used car supply has gradually improved," it said.

"Trade prices softened in the latter months of the calendar year, which subsequently impacted retail prices, but monthly pricing movements have since stabilised in line with typical seasonal trends."

It also noted that that the current financial year had "started well" and forecast "another good year" of ARPR growth.

Nathan Coe, chief executive, said: "This has been another strong year of financial, operational and strategic progress for Auto Trader. We are confident in our prospects for the year ahead and, in the longer term, we see significant opportunities to continue growth our marketplace and to move more of the car buying process online."