Revenues soar as Auto Trader reports ‘no noticeable impact’ from Brexit vote

Digital automotive marketplace Auto Trader Group plc said it has defied the economic uncertainty that followed June’s Brexit vote after seeing half-year revenues and profits leap.

The Manchester-headquartered firm’s turnover for the six months to September 25 2016 rose to £153.9m, up 11% from the previous half-year period.

Against that figure, Auto Trader pulled in an operating profit of £100.6m, up 21%.

Elsewhere, the firm managed to slash its net external debt to £359.5m, down £33.1m since the end of its last half-year in March.

Auto Trader also saw its cross-platform visits grow by 36% to 58.5m, which the firm said makes its consumer audience four times bigger than that of its nearest competitor.

Trevor Mather, Auto Trader Group’s chief executive, said: “Auto Trader, the UK’s leading digital automotive marketplace has delivered a strong first half performance.

“We have felt no discernible change in the competitive environment and no noticeable impact from Brexit to date.”

He added: “We remain focused on creating a simpler and more efficient marketplace, as well as enhancing the experience we deliver to consumers.”

Trust and transparency, Mr Mather explained, are “key purchase drivers” in the consumer buying journey today, with Auto Trader’s recent Market Report discovering that just 7% of consumers trust car retailers.

He continued: “We have therefore continued to improve our consumer experience by launching products and services such as dealer reviews and vehicle check that promote greater trustworthiness in retailers, as well as providing real time valuations that help to improve transparency in the car buying process.”

Speaking further, the chief exec said that despite the wider economic uncertainty, the Auto Trader board is confident of “delivering its growth expectations for the second half of the year”.

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