Auto Trader Group’s strong results with pre-tax profit of £345.2m

Auto Trader’s financial results for the full year ended 31 March 2024 demonstrate strong revenue and operating profit growth. Group revenue increased by 14% to £570.9m as Auto Trader revenue increased by 12% to £529.7m.

Group operating profit rose by 26% to £348.7m, Auto Trader operating profit increased by 14% to £378.6m, including £2.8m share of profit from joint ventures.

Group operating profit margin increased to 61%, profit before tax increased by 18% to £345.2m. Cash generated from operations was £370.9m (2023: £327.4m).

In the core Auto Trader business, the Company reports 75% of all minutes were spent on an automotive classified site, and there was an 11% increase in cross platform visits. Last year Auto Trader had visits of 77.5m per month.

The average number of retailer forecourts in the year declined to 13,783 from 13,913 in 2023. However, after removing the impact of the Webzone Limited disposal in the previous year (a loss of 305 retailers), like-for-like retailer numbers were up 1%.

Total live car stock on site was up 2% to 445,000 cars from 437,000 in 2023. However, new car listings fell to 20,000 from 25,000 in 2023. New lease vehicle deliveries increased to 7,847 from 6,895 (2023) despite the segment being impacted by limited supply.

Survey data suggests more than 8 in 10 car buyers use Auto Trader during their buying journey.