Autotrader Group Plc (ATDRF) Q2 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.353 -- 00:00:04.834 Good morning everyone and welcome to Autotrader's results for the six months ending 30th 00:00:04.834 -- 00:00:06.964 of September 2023. 00:00:08.135 -- 00:00:13.136 As usual I'm joined by our COO Catherine and our CFO Jamie. 00:00:13.136 -- 00:00:17.097 Our performance in the first half demonstrates the strength of our business through different 00:00:17.097 -- 00:00:21.638 economic cycles, the strong partnership we have developed with our customers and a resilient 00:00:21.638 -- 00:00:26.719 used car market. Vehicle demand remains robust and supply will continue to be impacted 00:00:26.719 -- 00:00:30.373 by low new car sales over the past few years. 00:00:30.373 -- 00:00:35.176 We've also made good progress on our key strategic initiatives across our marketplace, 00:00:35.176 -- 00:00:40.879 platform and digital retailing, providing a long runway for future profitable growth. 00:00:40.879 -- 00:00:44.701 For this reason, we have confidence in both the second half of the financial year and 00:00:44.701 -- 00:00:49.223 the years to come, particularly as many of the structural changes in the automotive industry, 00:00:49.223 -- 00:00:54.326 be that electric vehicles, agency models or direct sales, all present opportunities 00:00:54.326 -- 00:00:59.861 to extend our brand technology data and buying experience to help new and existing 00:00:59.861 -- 00:01:03.121 customers and car buyers. 00:01:04.582 -- 00:01:09.154 Let's move now to our strategic overview. Our core auto trader business grew revenue 00:01:09.154 -- 00:01:11.284 9%, operating 00:01:11.284 -- 00:01:12.765 profit 10% 00:01:12.765 -- 00:01:16.995 and achieved operating profit margins above 70%. 00:01:17.506 -- 00:01:21.888 Revenue growth was higher at a group level and...