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(Alliance News) - Auto Trader Group PLC said Thursday it delivered its highest ever six-monthly revenue and profit, with consumer engagement and retailer numbers at record levels.
Auto Trader was 11% higher in London on Thursday morning at 689.80 pence each, the biggest gainer in the FTSE 100 index.
In the six months to September 30, the digital automotive marketplace recorded pretax profit of GBP150.0 million, more than doubled from GBP66.2 million a year before.
Revenue surged 82% to GBP215.4 million from GBP118.2 million. Trade revenue jumped 92% to GBP192.3 million from GBP100.2 million, while Consumer Services revenue was up 40% to GBP18.0 million from GBP12.9 million.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, commented: "Demand for second hand cars has soared, amid the supply chain shortages affecting new models, turning forecourt online advertising into an even bigger cash cow."
Average revenue per retailer rose 82% to GBP2,199 per month from GBP1,206, Auto Trader said. Average physical car stock on site during the first half was down to 436,000 from 478,000 a year earlier.
Cross platform visits in the first half rose 20% to 68.7 million from 57.3 million.
Auto Trader declared an interim dividend of 2.7 pence per share, having paid none in the prior year.
Chief Executive Nathan Coe said: "Early in the pandemic we acted decisively to protect our people, customers, and business. As a result of these actions, we have emerged as a stronger business which can be seen in our results for the first half of this financial year.
"The number of people using Auto Trader to buy their next car is at record levels, more retailers are choosing to partner with us, and our competitive position has strengthened."
Auto Trader said it is confident about the second half.
It added: "The majority of revenues are recurring in nature and most of the significant growth events for the year have been successfully delivered in the first half. Notable events were our annual pricing event, the launch and initial uptake of new products, which have occurred alongside low levels of retailer churn."
For 2021, Auto Trader is guiding for "modest" year on year growth in retailer forecourt numbers and low double-digit average revenue per retailer growth.
By Paul McGowan; paulmcgowan@alliancenews.com
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