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(Sharecast News) - Digital car sales platform Auto Trader almost doubled annual profits as more customers spent online making purchases.
The company on Thursday reported a 91% rise in pre-tax earnings to £301m as revenue rose 65% year on year to £432.7m and 17% on 2020. Revenue in the prior year was impacted by the company's decision to give free advertising to retailer customers several times during the Covid pandemic.
Operating profit increased 88% to £303.6m, while operating profit margin was 70% compared with 61% last year.
"Demand for both new and used cars has been particularly strong for much of this last financial year. This demand has been fuelled by a catch up in transactions that didn't happen in 2020 due to Covid-related lockdowns, increased consumer interest in car ownership and good levels of consumer confidence," the company said.
"New car registrations, whilst seeing year-on-year growth of 4% versus 2021, were still 22% below 2020 levels, with the well documented new car supply constraints due to semi-conductor shortages."
