Auto Trader has strengthened its competitive position significantly, achieving a tenfold advantage over its nearest competitor in terms of people looking to buy and sell cars online.
In impressive financial results for the year ended 31 March, the online marketplace reported a significant increase in both revenue and operating profits, underlining its dominance.
Group revenue, which includes the Autorama leasing business it acquired in 2022, rose by 14% to £570.9m against £500.2m last time.
Group operating profit rose by 26% to £348.7m against £277.6m in 2023. Pre-tax profit reached £345.2m from £296.2m the prior year, equating to a 60% return on sales.
The stock market has welcomed the results, with Auto Trader’s share price rocketing from 733p per share yesterday afternoon to 827.6p within two hours of the financial results being published.
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