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Auto Trader Group PLC on Thursday reported higher profit as it hailed changes in the new car market that are providing opportunities. The Manchester-based automotive marketplace said revenue in first-half ended September 30 rose 12% to £280.5 million from £249.8 million. Its pretax profit was 10% higher at £162.8 million from £148.0 million. ‘Structural changes in the new car market are providing opportunities for the group. We have launched a new car market extension product, allowing manufacturers operating an agency model to advertise new cars directly to consumers. We continue to integrate our new car leasing proposition, Autorama, which has yielded some cost savings and should benefit from volume growth when supply returns to this channel,’ Auto Trader said. The company declared an interim dividend of 3.2p per share, up from 2.8p a year prior. Looking ahead, Auto Trader expects its operating profit margin for the current financial year 2024 ending March 31 to be consistent with what it achieved in the first half. Its operating profit margin fell to 59% in the half-year, from 60% 12 months earlier. Auto Trader shares rose 7.7% to 684.60 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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