Autotrader shares slide after interim profit declines

Autotrader Group PLC on Thursday said profit slid in the six months to September as sales weakened.

Shares in the UK automotive marketplace fell 2.8% to 554.60 pence in morning trading in London.

Autotrader Group said pretax profit fell 4.1% in the first half of its financial year to £191.2 million from £199.3 million a year earlier. Revenue fell 1.0% to £313.4 million from £317.7 million.

The company's operating profit edged down 1.0% to £198.5 million from £200.1 million, while its operating profit margin remained unchanged at 63%.

Basic earnings per share rose 5.0% to 18.10 pence from 17.26 pence, supported by share buybacks.

Revenue excluding vehicle and accessory sales stayed broadly flat at £301.8 million, while vehicle and accessory sales revenue fell 30% to £11.6 million.

Autotrader said retailer forecourt numbers increased to 13,900 at the end of September from 13,600 at the end of March.

The company returned £330.0 million to shareholders through dividends and share buybacks during the first six months and declared an interim dividend of 4.2 pence per share, up 11% from 3.8 pence.

Autotrader said the first-half performance was in line with expectations and maintained its full-year operating profit guidance of £395.0 million to £415.0 million, expecting revenue growth to accelerate in the second half.

Chief Executive Nathan Coe highlighted the company's investment in artificial intelligence: "I'm excited by the transformation underway as we evolve Autotrader into an AI-native platform. We believe AI represents a once-in-a-generation opportunity to improve how consumers buy cars and how retailers and manufacturers operate, delivering even greater value for all."

"By combining our unique proprietary data with AI through Autotrader Intelligence, we're delivering workflow improvements and new tools for retailers, enhanced experiences for consumers, whilst further strengthening our competitive position," Coe added.

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