Auto Trader posts £10m revenue growth
Digital automotive marketplace Auto Trader has posted a revenue growth of £10m in the six months from April to 30 September 2019.
The revenue increase equates to a 6 per cent increase, totalling £187m. It also posted an operating profit increase of 9 per cent to £131.4m.
The Manchester firm, which listed on the London Stock Exchange in 2015, is also a member of the FTSE 100 Index and attracts around 50 million monthly cross platform visits.
Trevor Mather, CEO of Auto Trader Group and often cited as the leader behind the firm’s successful digital pivot, announced he will retire next year to be succeeded by the firm’s current COO and CFO.
“We have had a good first half and have seen an even greater number of car retailers opting to partner with Auto Trader to access our growing consumer audience,” said Mather.
"We continue to be the clear market leader in used cars and have extended this into new cars, with over 30,000 brand new cars on Auto Trader being viewed by 1.6 million people in September alone.
Mather said that the board is confident it will meet its growth expectation for the year despite ongoing market uncertainty.
In October Auto Trader acquired KeeResources, a software, data, and digital solutions provider to the automotive industry; securing the vehicle data which underpins much of its core platform.
Auto Trader said that with the addition of KeeResources, it anticipates a total operating costs for the year to increase at low to mid-single digit percentage.