Auto Trader Group PLC has released its full year results for the year ended 31 March 2024. The company reported a 14% increase in Group revenue and a 26% increase in Group operating profit. Core Auto Trader revenue grew by 12%, driven by double-digit revenue growth across all segments, with operating profit margins expanding to 71%. The company's strategic overview highlighted the strengthening of its marketplace and competitive position, with record numbers of buyers and sellers using Auto Trader.
The used car retail market remained robust throughout the financial year, with resilient demand and improved used car supply. However, the new car retail market faced challenges, with discounting returning. Auto Trader is well-positioned to support the structural changes in this market and has introduced products to support franchise retailers, manufacturers, and leasing companies selling new cars directly to consumers.
The company's Deal Builder product, part of its digital retailing strategy, has seen significant progress, with approximately 1,100 retailers onboarded at the end of March 2024, compared to around 50 in March 2023. Auto Trader also returned £250.3 million to shareholders through share buybacks and dividends.
In terms of operational results, over 75% of all minutes spent on automotive classified sites were spent on Auto Trader, and cross-platform visits were up 11% to 77.5 million per month. The average revenue per retailer increased by 12% to £2,721 on average per month, and live car stock on the site was up 2% to 445,000 cars.
Auto Trader also provided insights into its cultural KPIs, reporting that 97% of employees are proud to work at the company. The company continues to focus on building a diverse and inclusive culture, with a significant representation of women and ethnically diverse individuals at the board, leadership, and organizational levels. Additionally, Auto Trader aims to achieve net zero across its value chain before 2040 and to halve carbon emissions by the end of 2030.
Overall, Auto Trader Group PLC's full year results for 2024 reflect strong performance, with notable growth in revenue, operating profit, and key operational metrics. The company's strategic initiatives, including digital retailing products and focus on diversity and sustainability, are also highlighted as key areas of progress and focus.