Business
FULL YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2023
FULL YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2023.
About this update from Autotrader Group Plc
[{"type":"text","content":"\n\n\n \nEmbargoed until 7.00am, 1 June 2023 \n AUTO TRADER GROUP PLC\nFULL YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2023\n \nAuto Trader Group plc ('the Group'), the UK's largest automotive marketplace, announces full year results for the year ended 31 March 2023\n \nStrategic overview\n\nAuto Trader's core marketplace business grew revenue by 9%, operating profit by 10% and maintained 70% operating profit margins. Despite constrained new and used vehicle supply, revenue from retailers grew 10%, with strong adoption of our additional products and services.\n\n\nOur annual pricing and product event took effect from 1st April 2023, underpinning revenue growth expectations for the coming year. We continue to see further adoption of our Auto Trader Connect platform, which enables better connected buying experiences and improved operational efficiencies for our customers.\n\n\n\nRetailer forecourt numbers were up 1% after adjusting for the disposal of Webzone Limited in October 2022. The number of UK forecourts continued to be at record levels, with over 800 more retailers paying to advertise on Auto Trader than before the pandemic.\n\n\n\nThe number of visits continued to be significantly above pre-pandemic levels and were up 1% year-on-year. Robust consumer demand has led to cars selling faster than at any time since our IPO in 2015, which has suppressed the average number of cars listed on Auto Trader.\n\n\n\nWe completed the initial development of our Deal Builder product allowing car buyers to value their part-exchange, apply for finance and reserve vehicles online. We are now growing customer numbers with over 50 retailers trialling the service at the end of March. Autorama operating losses were as expected and the integration is progressing well.\n\n\nFinancial results\n \n\n\n\n\n£m (unless otherwise specified)\n\n\n2023\n\n\n2022\n\n\nChange\n\n\n\n\nAuto Trader1\n\n\n473.0\n\n\n432.7\n\n\n9%\n\n\n\n\nAutorama\n\n\n27.2\n\n\n-\n\n\n-\n\n\n\n\nGroup revenue\n\n\n500.2\n\n\n432.7\n\n\n16%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAuto Trader1\n\n\n332.9\n\n\n303.6\n\n\n10%\n\n\n\n\nAutorama\n\n\n(11.2)\n\n\n-\n\n\n-\n\n\n\n\nGroup central costs2 - relating to Autorama acquisition\n\n\n(44.1)\n\n\n-\n\n\n-\n\n\n\n\nGroup operating profit\n\n\n277.6\n\n\n303.6\n\n\n(9%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n...