Auto Trader has published its half year results this morning, showing its revenue was up 12% to £281m, while profits rose 9% to £182m.
The Manchester-based group said that structural changes to the car market were providing it with opportunities. This includes launching a new online marketplace for manufacturers to advertise cars directly to consumers.
According to its figures:
- More than 75% of all minutes spent on automative classified sites were spent on Auto Trader.
- Cross platform visits were up 14% to 77m per month
- Cross platform minutes grew 11% to 555m minutes per month
“It has been a strong start to the year with more buyers spending more time and completing more of their car buying journey on Auto Trader. We are working in partnership with record numbers of retailers and manufacturers, who are turning to our platform as the most effective and efficient way to source, price and sell their vehicles,” said Nathan Coe, Chief Executive Officer of Auto Trader.
“We remain confident in our long-term prospects given the strength of our business and the opportunities to deliver meaningful value for car buyers, customers, our people and shareholders.”
Through the acquisition of Autorama and disposal of Webzone, the company had a net increase of 30 staff over the period.
Looking ahead the group stated that it was “confident for the second half of the year” adding that it expected a “another good year of retailer revenue growth”.