Belfast Telegraph

Auto Trader 2016 profits rev up by 18%

By Ravender Sembhy

Classified cars website Auto Trader saw profits accelerate last year despite increased economic uncertainty and a dip in consumer confidence.

The firm said full-year operating profit revved up by 18% to £203.1m, while on a pre-tax basis, profit rose 23% to £193.4m.

Auto Trader, which floated on the London Stock Exchange in 2015, said turnover was up from £281.6m to £311.4m.

Chief executive Trevor Mather said: "With consumers spending more than double the time researching their next car online than they do offline, we have strived to create greater transparency and therefore trust in our marketplace, benefiting consumers, retailers and manufacturers alike.

"The new financial year has started well and, despite the wider political and economic uncertainty, the board is confident of delivering its growth expectations for the coming year." The industry now expects new registrations to "plateau or decline".

Belfast Telegraph