19th June 2015
Car classifieds website Auto Trader has reported its first public results since its March IPO.
In its first set of results it announced pre-tax profits hitting £10.9 million and sales had increased 8% to £256 million.
Trevor Mather, chief executive of Auto Trader, said growth had come mainly from ‘providing greater value to retailers in a marketplace where consumers are increasing researching their next vehicle purchase online’.
Graham Spooner, investment research analyst at The Share Centre, said profits ‘dipped slightly’ due to the costs associated with listing on the London stockmarket, ‘however the business has reported high levels of success since launching its IPO’.
‘As the UK’s largest online marketplace for new and used cars, the group are constantly looking at launching new products and innovations,’ he said.
‘After trialling the international market, the group have retracted and are back to being solely UK focused. Those interested should note that, according to Mather, current trading is in line with expectations and management remains confident for the coming year.’