Business
Final Results
Final Results.
About this update from Autotrader Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3999B\n Auto Trader Group plc\n 10 June 2021\n \n \n \n \n \n \n \n Embargoed until 7.00am, 10 June 2021\n \n \n AUTO TRADER GROUP PLC\n \n \n \n \n \n FULL YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2021\n \n \n \n \n \n Auto Trader Group plc ('Auto Trader', 'the Group'), the UK's largest digital automotive marketplace, announces full year results for the year ended 31 March 2021\n \n \n \n \n \n Strategic overview\n \n \n \n \n \n - \n We have made good progress in developing important aspects of our online car buying journey, namely the launch of guaranteed part-exchange, the trial of vehicle reservations and the acquisition of a financing platform, AutoConvert. The shift online in automotive retailing has accelerated, and with these core components we are well placed to bring more of the buying process online for the benefit of both buyers and sellers. \n \n \n - \n This online journey is being built on our marketplace, which has strengthened over the year. Car buyers are using Auto Trader at record levels and our current retailer forecourt numbers are significantly higher than they were 12 months ago, reinforcing our competitive position.\n \n \n - \n During the year, we provided significant support to our retailer customers, acknowledging the challenge of selling cars in lockdown. This included free advertising in April 2020, May 2020, December 2020 and February 2021, and at a discounted rate in June 2020. As expected, this has impacted our financial results, however it has improved our standing with customers and the strength with which we have emerged from the most recent lockdown restrictions.\n \n \n - \n On 1 April 2020, at a time of great uncertainty, we announced the placing of approximately 46m shares, raising net proceeds of £182.9m, which strengthened our balance sheet and liquidity position, whilst also helping us to accelerate our digital retailing proposition.\n \n \n - \n We furloughed approximately 25% of our employees for almost seven weeks but reversed this as soon as we had confidence that we would return to profitability. We returned all funds received under the furlough scheme and have made all tax payments deferred at the end of the previous financial year.\n \n \n Financial results\n \n \n - \n Revenue down ...