REG - Auto Trader Grp - FULL YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2025
29/05/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250529:nRSc4961Ka&default-theme=true
RNS Number : 4961K Auto Trader Group plc 29 May 2025
Embargoed until 7.00am, 29 May 2025
AUTO TRADER GROUP PLC
FULL YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2025
Auto Trader Group plc ('the Group'), the UK's largest automotive platform,
announces full year results for the year ended 31 March 2025
Strategic overview
- Group revenue increased 5%, exceeding £600 million in the period,
Group operating profit increased 8% and basic earnings per share ('EPS')
increased 12%. Core Auto Trader revenue increased 7% and operating profit
before Digital Services Tax also increased 7%. The impact of the UK's Digital
Services Tax was recognised for the first time with a £10.2 million charge to
operating expenses in the year.
- Retailer revenue grew at 7%, with the number of retailer forecourts
increasing 2% year-on-year. Growth came from smaller retailers which had a
dilutive impact on the calculation of Average Revenue Per Retailer ('ARPR')
which, combined with fast speed of sale, resulted in an ARPR increase of 5%
for the year. Much of this growth was driven by our annual pricing and product
event in April 2024, which included our latest Auto Trader Connect module:
Trended Valuations and enhanced Retail Check.
- Our competitive position remains strong with record numbers of both
buyers and sellers using Auto Trader. We remain more than 10x larger than our
nearest competitor.
- We launched Co-Driver, our suite of AI-enabled features, which
supports retailers to create high quality adverts more efficiently, while
significantly improving the experience for car buyers. We have seen
consistently high levels of engagement from customers using this product since
launch.
- Deal Builder, which enables car buyers to value their
part-exchange, apply for finance and reserve a car, has continued to scale to
c.2,000 retailers at the end of March 2025 (March 2024: c.1,100). We generated
c.49,000 deals throughout the year, which was 3 times more than the previous
year (2024: c.16,000). Given this progress, we have decided to make Deal
Builder functionality part of our core advertising proposition. We believe
this will accelerate retailer adoption, car buyer engagement and monetisation.
Automotive market overview
- We continue to see strong levels of demand for used cars, with a
record number of cross-platform visits and minutes spent on Auto Trader. As we
have moved through the year, supply has remained constrained for vehicles aged
3 to 5 years old. This combination of high demand and restricted supply in key
age cohorts has led to cars selling at a faster rate than any time in our
recent history.
- We have seen a 5% increase in the number of cars advertised
through Auto Trader which is slightly higher than the increase in overall used
car transactions. Fast speed of sale has meant retailers have benefitted from
increased utilisation of Auto Trader's slot-based advertising model. As a
result, even though consumer and retailer activity have both increased, it has
not directly benefited revenue. Used car pricing has been stable over the last
12 months, following declines in the previous financial year.
- The new car market has grown over the past 12 months, driven by
the fleet channel. This took share from the retail channel which declined 4%
year-on-year. This calendar year new car sales are up 3% and retail volumes
were the fastest growing channel growing 6%.
- With the announcement of a UK/US trade deal and the Government's
plans to soften the Zero Emission Vehicle ('ZEV') mandate, we expect overall
new car registration volumes to be well supported over the next two to three
years.
Financial results
£m (unless otherwise specified) 2025 2024 Change
Auto Trader(1) 564.8 529.7 7%
Autorama 36.3 41.2 (12%)
Group revenue 601.1 570.9 5%
Auto Trader(1) 394.0 378.6 4%
Autorama (4.3) (8.8) 51%
Group central costs(2) - relating to Autorama acquisition (12.9) (21.1) 39%
Group operating profit 376.8 348.7 8%
Auto Trader operating profit margin 70% 71% (1%) pt
Group operating profit margin 63% 61% 2% pts
Basic earnings per share (pence) 31.66 28.15 12%
Cash generated from operations(3) 399.7 379.0 5%
Adjusted EBITDA(4) 393.9 375.3 5%
Adjusted earnings per share (pence)(5) 31.66 29.37 8%
- We have returned £275.7 million to shareholders (2024: £250.3
million) through £187.3 million of share buybacks and dividends of £88.4
million.
- Proposed final dividend of 7.1 pence per share (2024: 6.4 pence
per share) giving total dividends of 10.6 pence per share for the year (2024:
9.6 pence per share).
Operational results
- Over 75% of all minutes spent on automotive marketplaces were spent
on Auto Trader(6) (2024: over 75%). Cross platform visits(7,9) were up 5% to
81.6 million per month (2024: 77.5 million) and cross platform minutes(7,9)
increased 1% to 557 million per month (2024: 553 million).
- The average number of retailer forecourts(7) in the period
increased 2% to 14,013 (2024: 13,783).
- Average Revenue Per Retailer(7) ('ARPR') per month was up 5% (or
£133) to £2,854 on average (2024: £2,721), driven by a positive
contribution from the price and product levers, with stock being negative.
- Live car stock(7,11) was up 1% to 449,000 cars (2024: 445,000) on
average, with this increase due to a higher volume of private listings. We
delivered 6,268 new lease vehicles (2024: 7,847), which continues to be
impacted by supply trends in the new car market.
- The average number of employees(8) ('FTEs') in the Group increased to
1,267 during the period (2024: 1,233).
Cultural KPIs
- 91% of employees are proud to work at Auto Trader(12) (March 2024:
97%).
- We continue to build a diverse and inclusive culture:
o Board(13): We have more women than men on our Board (March 2024: five
women and four men), two ethnically diverse Board members (March 2024: one)
and a woman as Senior Independent Director.
o Leadership(13,14,15,16): The percentage of women leaders within the
organisation was 43% (March 2024: 42%) and those who are ethnically diverse
was 10% (March 2024: 6%).
o Organisation(13,15,16): The percentage of employees who are women was 44%
(March 2024: 44%) and those who are ethnically diverse was 19% (March 2024:
17%).
- We aim to achieve net zero across our value chain before 2040 and
to halve our carbon emissions by the end of 2030. Most of our CO(2) emissions
are Scope 3, attributable to our suppliers and the small number of vehicles
sold by Autorama that pass through the balance sheet. Our calculations
estimate total Group emissions (Scopes 1, 2 and 3) for the year to be c.93.2k
tonnes of carbon dioxide equivalent (2024: 98.9k tonnes), a reduction of 6%
year-on-year. Emissions relating to Auto Trader totalled 9.9k tonnes, with
83.3k tonnes relating to Autorama (2024: Auto Trader 14.2k and Autorama
84.7k).
Nathan Coe, Chief Executive Officer of Auto Trader, said:
"Despite broader macroeconomic uncertainties, the UK car market is in good
health and we continue to deliver against our strategy to improve car buying
and retailing."
"A key highlight of the year was the launch of our suite of AI-powered
products called Co-Driver, which is delivering one of the most significant
improvements to our search experience and our retailer tools in years. The
first wave of Co-Driver products has already successfully enhanced the quality
of adverts, while reducing the amount of time it takes for retailers to
advertise their vehicles. We see significant potential for the use of AI to
improve the buying and selling of cars in the years ahead."
"We remain confident in the outlook for the business given our strong market
position, the value we deliver for customers, and our unique data and
technology capabilities."
2026 Outlook
Our April 2025 pricing and product event has gone well.
Retailer revenue growth in the second half of last year was 5% which was
constrained by the acceleration in speed of sale. This has continued into the
new financial year, however we expect retailer revenue growth to improve to
between 5 and 7% for FY26 for the following reasons:
- Speed of sale has natural constraints. The acceleration seen last
financial year was largely driven by a fall in used car prices which have
steadily increased throughout the second half of the year as retailers have
sought more normalised margins.
- Our pricing and product event has delivered approximately 6% growth in
retailer revenue. Assuming consistent retailer forecourts, we expect this to
grow the price lever within ARPR by £90-100 and contribute £70-80 to the
product lever.
- We have responded to market dynamics with offers to stimulate stock and
continue to support retailer margins with our prominence products. In H2 FY25,
the stock lever was minus £54, in April 2025 it was minus £42. We expect
stock to continue to improve through the year but still be marginally down for
FY26. However, any marginal decline in the stock lever, should be offset by
similar amounts in product lever contribution from additional prominence
products.
- Due to the comparative periods, growth will be stronger in the second
half which we expect will benefit the start of FY27.
We expect broadly consistent revenues in Consumer Services and Manufacturer
& Agency, which account for 9% of Group revenue. Autorama losses are
expected to reduce in line with current market expectations, with growth in
commission & ancillary revenue on a relatively consistent cost base.
Vehicle & accessory sales which has no impact on profit is likely to be
c.£20m.
We expect to maintain current levels of Auto Trader operating profit margins,
whilst Group operating profit margins will increase as a result of reduced
Autorama losses.
Analyst presentation
A presentation for analysts will be held in person at the offices of Deutsche
Numis and via audio webcast and conference call at 9.30am, Thursday 29 May
2025. Details below:
Audio webcast: https://edge.media-server.com/mmc/p/r6nnog5v
(https://edge.media-server.com/mmc/p/r6nnog5v)
Conference call registration:
https://register-conf.media-server.com/register/BId67ed1aa2bdb408aaef8274a807fe4d6
(https://register-conf.media-server.com/register/BId67ed1aa2bdb408aaef8274a807fe4d6)
If you have any trouble registering or accessing either the conference call or
webcast, please contact Sodali & Co on the details below.
For media enquiries
Please contact the team at Sodali & Co on +44 (0)20 7250 1446 or email
autotrader@sodali.com (mailto:autotrader@sodali.com)
About Auto Trader
Auto Trader Group plc is the UK's largest automotive platform. It listed on
the London Stock Exchange in March 2015 and is a member of the FTSE 100 Index.
Auto Trader's purpose is Driving Change Together. Responsibly. Auto Trader is
committed to improving the efficiency of car buying and selling in the UK, to
building stronger partnerships with customers, using its influence to drive
more environmentally friendly vehicle choices and enabling this through a
culture that enables our people to develop and perform. With the largest
number of car buyers and the largest choice of trusted stock, Auto Trader's
marketplace sits at the heart of the UK car buying process. That marketplace
is built on an industry-leading technology and data platform, which is
increasingly used across the automotive industry. Auto Trader is continuing to
bring more of the car buying journey online, creating an improved buying
experience, whilst enabling all its retailer partners to sell vehicles online.
Auto Trader publishes a monthly used car Retail Price Index which is based on
pricing analysis of circa 800,000 unique vehicles each day. This data is used
by the Bank of England to feed the broader UK economic indicators.
For more information, please visit https://plc.autotrader.co.uk/
(https://plc.autotrader.co.uk/)
Cautionary statement
Certain statements in this announcement constitute forward looking statements
(including beliefs or opinions). "Forward looking statements" are sometimes
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "aims", "anticipates", "expects", "intends", "plans",
"predicts", "may", "will", "could", "shall", "risk", "targets", "forecasts",
"should", "guidance", "continues", "assumes" or "positioned" or, in each case,
their negative or other variations or comparable terminology. Any statement in
this announcement that is not a statement of historical fact including,
without limitation, those regarding the Company's future expectations,
operations, financial performance, financial condition and business is a
forward looking statement. Such forward looking statements are subject to
known and unknown risks and uncertainties, because they relate to events that
may or may not occur in the future, that may cause actual results to differ
materially from those expressed or implied by such forward looking statements.
These risks and uncertainties include, among other factors, changing economic,
financial, business or other market conditions. These and other factors could
adversely affect the outcome and financial effects of the plans and events
described in this results announcement. As a result, you are cautioned not to
place reliance on such forward looking statements, which are not guarantees of
future performance and the actual results of operations, financial condition
and liquidity, and the development of the industry in which the Group
operates, may differ materially from those made in or suggested by the forward
looking statements set out in this announcement. Except as is required by
applicable laws and regulatory obligations, no undertaking is given to update
the forward looking statements contained in this announcement, whether as a
result of new information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast. This announcement has
been prepared for the Company's group as a whole and, therefore, gives greater
emphasis to those matters which are significant to the Company and its
subsidiary undertakings when viewed as a whole.
To the extent available, the industry and market data contained in this
announcement has come from third party sources. Third party industry
publications, studies and surveys generally state that the data contained
therein have been obtained from sources believed to be reliable, but that
there is no guarantee of the accuracy or completeness of such data. In
addition, certain parts of the industry and market data contained in this
announcement come from the Company's own internal research and estimates based
on the knowledge and experience of the Company's management in the market in
which the Company operates. While the Company believes that such research and
estimates are reasonable and reliable, they, and their underlying methodology
and assumptions, have not been verified by any independent source for accuracy
or completeness and are subject to change without notice. Accordingly, undue
reliance should not be placed on any of the industry or market data contained
in this announcement.
Summary financial performance
Group results Units 2025 2024 Change
Revenue £m 601.1 570.9 5%
Adjusted EBITDA(4) £m 393.9 375.3 5%
Operating profit £m 376.8 348.7 8%
Operating profit margin % 63% 61% 2% pts
Profit before tax £m 375.7 345.2 9%
Basic earnings per share Pence 31.66 28.15 12%
Adjusted earnings per share(5) Pence 31.66 29.37 8%
Dividend per share Pence 10.6 9.6 10%
Group cash flow
Cash generated from operations(3) £m 399.7 379.0 5%
Net Cash/(bank debt)(10) £m 15.3 (11.3) 26.6m
Auto Trader results(1)
Trade £m 509.1 475.7 7%
Consumer Services £m 42.4 39.6 7%
Manufacturer & Agency £m 13.3 14.4 (8%)
Revenue £m 564.8 529.7 7%
People costs £m 92.8 81.5 14%
Marketing £m 24.6 22.3 10%
Other costs £m 40.5 44.2 (8%)
Depreciation & amortisation £m 6.3 5.9 7%
Digital Services Tax £m 10.2 -
Operating costs £m 174.4 153.9 13%
Share of profit from joint ventures £m 3.6 2.8 29%
Operating profit £m 394.0 378.6 4%
Operating profit (excl DST) £m 404.2 378.6 7%
Operating profit margin % 70% 71% (1%) pt
Operating profit margin (excl DST) % 72% 71% 1% pt
Autorama results
Vehicle & Accessory Sales £m 26.1 28.4 (8%)
Commission & Ancillary £m 10.2 12.8 (20%)
Revenue £m 36.3 41.2 (12%)
Cost of goods sold £m 26.2 28.2 (7%)
People costs £m 7.4 10.9 (32%)
Marketing £m 2.7 4.0 (33%)
Other costs £m 2.8 4.5 (38%)
Depreciation & amortisation £m 1.5 2.4 (38%)
Digital Services Tax £m - - -
Operating costs £m 40.6 50.0 (19%)
Operating loss £m (4.3) (8.8) 51%
Group central costs - relating to Autorama acquisition(2)
Autorama deferred consideration £m - 11.1 (100%)
Depreciation & amortisation £m 12.9 10.0 29%
Operating costs £m 12.9 21.1 (39%)
Operating loss £m (12.9) (21.1) 39%
1. Auto Trader includes the results of Auto Trader and AutoConvert in
respect of online marketplace advertising of motor vehicles and other related
products and services in the digital automotive marketplace, including the
Dealer Auction joint venture.
2. Group central costs which are not allocated within either of the two
segmental operating profit/(loss) comprises a £12.9 million amortisation
expense (2024: £10.0 million) relating to the fair value of intangible assets
acquired in the Group's business combination of Autorama and, in 2024,
included an £11.1 million charge for the Autorama deferred consideration
settlement.
3. Cash generated from operations is defined as net cash generated from
operating activities, before corporation tax paid.
4. Adjusted EBITDA is earnings before interest, taxation, depreciation and
amortisation, share of profit from joint ventures, and Autorama deferred
consideration.
5. Adjusted earnings per share is calculated before the net of tax impact
of the Autorama deferred consideration.
6. Share of minutes is a custom metric based on Comscore minutes and is
calculated by dividing Auto Trader's total minutes volume by the entire
custom-defined competitive set's total minutes volume. The custom-defined list
includes: Auto Trader, Gumtree motors, Pistonheads, Motors.co.uk, eBay Motors,
Cazoo and CarGurus.
7. Average during the period.
8. Average during the period, including contractors.
9. As measured internally through Snowplow.
10. Net Cash/(bank debt) represents cash less gross bank debt before amortised
debt costs, and does not include amounts relating to leases, non-bank loans or
vehicle stocking loans.
11. Physical car stock advertised on autotrader.co.uk.
12. Based on a survey to all employees in April 2025 asking our people to rate
the statement "I am proud to work for Auto Trader". Answers were given on a
five-point scale from strongly disagree to strongly agree.
13. As at 31 March 2025.
14. In 2025 we extended our leadership team from 12 individuals (previously
our Operational Leadership Team, 'OLT') to 21 individuals (now called our Auto
Trader Leadership Team, 'ALT'). We define leaders as those who are on our ALT
and its direct reports, excluding those with senior and principal job titles
in Product & Tech.
15. Throughout the year we have asked our employees to voluntarily disclose
their ethnicity. At 31 March 2025 we had 96 employees (7%) who had not yet
disclosed.
16. We calculate all our diversity percentages using total Group headcount,
1,290 as at 31 March 2025 (March 2024: 1,255).
Strategic and operational overview
We are now a full 10 years post our IPO in March 2015. In keeping with our
approach last year, we want to position our short-term results in the context
of the long-term Auto Trader investment case. One of the strengths of the Auto
Trader business over its 48-year history has been its consistent performance
and growth through changing market and economic conditions. That is not to say
that Auto Trader always grows at the same rate, but we have consistently
expanded revenues, profits and our market position over time. Whilst Auto
Trader is always evolving, the investment case has not fundamentally changed
over this 10-year period.
Our position connecting buyers and sellers in the UK automotive market has
also grown over a long period of time. We have maintained this position
through an obsessive focus on the car buying experience, the delivery of new
products to retailers and by staying ahead of evolving competitive dynamics.
Our consistent strategy has focused on our core strengths which continue to
deepen the value we add to the UK automotive market. There remains a big
opportunity to create additional value from both existing and new customers
that builds on our strengths and assets. This will deliver high incremental
returns on the capital our shareholders entrust us with. We accept this is one
of many possible strategies, but we believe based on our capabilities and
advantages, it represents the best choice to create value for all our
stakeholders.
Financial year Revenue £m Operating profit £m Basic earnings per share (p)
(excl. vehicle sales)
2016 281.6 169.6 12.67
2017 311.4 203.1 15.64
2018 330.1 220.6 17.76
2019 355.1 243.7 21.00
2020 368.9 258.9 22.19
2021 262.8 161.2 13.24
2022 432.7 303.6 25.61
2023 500.2 277.6 25.01
2024 570.9 348.7 28.15
2025 601.1 376.8 31.66
Since Auto Trader's IPO the business has delivered consistently. The early
years post IPO were characterised by steady revenue growth and more dramatic
margin expansion as we simplified the business to focus on our core
proposition and becoming a business that develops and scales through
technology. Since that time our performance has seen higher revenue growth
driven by the core business, with margins still expanding. This has been
delivered through increased investment in the core platform and close-adjacent
opportunities.
We have a high velocity software development cycle and lean operating
structure, the costs of which are mostly expensed as incurred through the
income statement. This means our profits are post the required investment in
the business. We have consistently distributed these profits through a
combination of dividends and share buybacks, which we intend to continue. This
has led to earnings per share growing at a faster rate than both revenue and
operating profit. Since IPO, £1.4bn of surplus cash has been returned to
shareholders (net of the equity raise during COVID-19) and we have delivered
total shareholder returns of 221% versus 77% for the FTSE 350 (excluding
investment trusts) since IPO to the end of March 2025. We have a high degree
of confidence that over a longer time horizon we will continue to grow through
continued focus on the drivers of value that have served us well so far. These
include: a growing automotive market and profit pool; our market leading
position; our heritage of innovation; a focused and consistent strategy; and
our purpose and culture.
1. A growing automotive market and profit pool
The size of the UK car parc has grown on average by just over 300,000 (or 1%)
cars per year for the past 20 years, to now total over 36 million. The
COVID-19 pandemic broke this consistent trend, as new car production fell to
levels below even those of the Global Financial Crisis of 2008-09. From time
to time there will be these anomalies, but over the long term we expect the UK
car parc to continue to grow. This is driven by GDP growth, population growth
and stable trends in car ownership, supported by the continued requirement for
car owners to have exclusive access to a vehicle. With a relatively consistent
vehicle change cycle in the UK, typically between three and four years, this
growth in the car parc translates into growing used car transaction volumes.
We also expect the value of both new and used cars to continue to increase
over time. At the beginning of 2011, the average price of a used car
advertised on Auto Trader was £9,000, today it is over £17,000, an average
of over 4% growth per year. While part of that increase is due to vehicle mix,
the majority is due to inflation, improved functionality, longer useful lives
and the move towards more expensive electric vehicles. Based on a sample of
customer accounts, over the past 10 years gross percentage margins have
remained relatively consistent, between nine and eleven percent, meaning
higher vehicle prices typically translate through to higher absolute gross
profits. In combination with growing transaction volumes, this has seen the
gross profit pool increase over the past 10 years. As a result, we have been
able to grow revenues without meaningfully increasing our take-rate.
Today, our business model is largely linked to the number of used vehicles
available for sale in the UK at any one time. This number is determined by new
vehicle sales in preceding years less scrappage and means that vehicle supply
operates somewhat independently of economic conditions, which limits the
cyclicality of our business model. New car sales tend to be more cyclical or
exposed to other macro-level events, such as the global pandemic in 2020.
However, these events typically have a more muted impact on used car sales due
to the relative size of the two markets (annual new car sales of around 2
million versus used car sales of 7.5-8 million). When economic conditions do
change, it is used vehicle prices that can be the balancing factor given the
relatively fixed used car supply. When consumer demand softens significantly,
prices typically reduce which impacts the profitability of our customers and
can flow through to greater cost consciousness and retailer closures. We still
grow, however not necessarily at the same rate as when trading conditions are
more favourable for retailers.
While not a material driver of revenue, the number of retailer forecourts is
still an important metric for us. Overall, the market is highly fragmented,
and we do not expect this to change. Within the UK, we have seen continued
growth in retailer forecourts for the past seven years. Looking forward, we
expect the very largest retailer groups to get bigger, but these account for a
relatively small amount of revenue (our top 10 customers represent less than
7% of Group revenue). Overall retailer numbers for last year averaged 14,013
which is significantly higher than the 13,452 at the time of our IPO. This is
despite a reduction of c.550 retailers when we sold our business in the
Republic of Ireland.
All these factors combine to provide an underlying market that is resilient
and likely to grow in both volume and value over the long term.
2. Our market leading position
As the automotive market increasingly embraces technology, data and digital
sales channels, we are uniquely placed to help. At IPO (financial year 2015)
Auto Trader had visits of 40.3 million per month, which has grown to 81.6
million in the current year. We account for over 75% of all minutes spent on
automotive classified sites and remain 10x larger than our nearest classified
competitor. Almost half of our traffic comes via our app, which has been
downloaded 22 million times and our prompted brand awareness with UK consumers
is over 80%; both are key components of our competitive moat. The level of
consumer engagement continues to grow, as measured by the number of minutes
spent on site, which was up 1% year on year. Over the last financial year we
saw 67 billion vehicle search appearances, 3.5 billion views of an advert and
15 million enquiries submitted to retailers. We also saw 21 million valuations
requested by consumers and 23 million engagements with our finance calculator,
showing the important role the online buying journey plays in helping
consumers arrive at the forecourt ready to buy.
Beyond car buyers, retailers are increasingly using our data, tools and
services to power their businesses. Our Retailer Portal system saw over 1.8
million logins per month over the last year and our API technology services,
which supply data, stock management and now AI-enabled vehicle descriptions
and smart image sorting and tagging, were called 91 million times per month
(2024: 86 million). This demonstrates how our data, tools and services are
becoming increasingly embedded within our customers' systems, operations and
decision-making, extending our reach and influence beyond just classified
advertising and marketing.
3. Our heritage of innovation
As a result of our trusted position and brand heritage, Auto Trader has been
the destination for car buyers to navigate their car buying journey for many
years. From initially operating as a magazine to the technology business we
are today, we have continuously evolved our consumer experience to provide
more confidence, comparability and consistency for buyers. On Auto Trader,
buyers can benefit from enriched data about the specification and performance
of the car, check the history of the vehicle and whether it has outstanding
finance, seamlessly use artificial intelligence ('AI') to get a market value
for the car they're buying or selling, consider retailer reviews, apply for
finance and reserve cars online.
This year we have extended our proposition for car buyers again, with the
largest redesign of our desktop search experience in a decade. We have moved
our search results to a grid view, enabling buyers to see an increased number
of cars with larger images. Our search filters have been redesigned, and we
have introduced continuous scrolling, making it easier to access all the
choice available on Auto Trader. The coverage of Deal Builder has increased to
c.84,000 vehicles at year end, where consumers can secure a part-exchange
valuation, complete a finance application and reserve the vehicle all on Auto
Trader. We rolled out dark mode to our Apple and Android apps, which account
for almost half of consumer activity and engagement on Auto Trader. Finally,
we have launched our Co-Driver product, delivering one of the most material
improvements to our search experience in years by improving descriptions and
imagery and calling out the unique aspects of each individual vehicle.
Co-Driver is an umbrella brand for a range of AI-enabled products that we plan
to launch in the years ahead, as we look to make our data, technology and
services available to every retailer regardless of their size or technical
capability. We believe we have a significant advantage in our platform
products, as the output of any AI application will only ever be as good as the
data upon which it is based. We have the most complete and comprehensive
vehicle data set in the UK, along with a vast and unique data set of
observations on the behaviour of car buyers and retailers on our platform. Our
goal with the first wave of Co-Driver products is to significantly improve the
quality of adverts, whilst reducing the amount of time it takes for retailers
to advertise their vehicles. The first three products include Smart Image
Management, AI Generated Descriptions and Vehicle Highlights, all of which
assist retailers in getting an advert live quickly and accurately and in
delivering consistency and transparency for car buyers. Smart Image Management
means retailers just need to upload their images and using AI we will tag and
categorise the images, order them and highlight any that are missing. This
process utilises the huge amount of consumer data we have to optimise the
image order, to maximise engagement with that retailer's vehicle. AI Generated
Descriptions leverage everything we know about a specific vehicle, the
vehicles it is competing with and what buyers of the vehicle are most
interested in. This replaces the time-consuming process of working out the
spec of a vehicle, determining what matters most to car buyers and the manual
writing of the description by retailers. Finally, Vehicle Highlights calls out
the top three most distinctive features about a specific vehicle on the
advert. This could include fuel economy relative to similar vehicles, the
number of owners, low mileage, cheaper insurance, or any other aspect that is
meaningful to buyers of those types of vehicles.
We will continue to improve and build on these products; to improve the
consumer experience and strengthen the partnership we have with customers by
increasing their use of our data, tools and technology services. This
innovation is delivered through our well-invested technology platform, built
in-house by Auto Trader engineers who have many years of experience enabling
products and services for our customers. Our high velocity approach to
software development means we typically deliver product value incrementally
which reduces risk and enables us to maintain agility. This year we delivered
89,000 software releases (2024: 65,000).
4. A focused and consistent strategy
Our strategy has three focus areas: our marketplace; our platform; and digital
retailing. These areas are closely interconnected, as our platform and digital
retailing capabilities build on and contribute to the strength of our
marketplace. Over time we have embedded our data and services into the systems
and processes used by both our retailer partners and car buyers.
Marketplace
Our marketplace delivered robust revenue and operating profit growth during
the year. Our marketplace business grows reasonably consistently between mid
and high single digits. When stock is in tighter supply or when market
conditions mean that retailer profitability is particularly challenged,
revenue is typically at the lower end of this range. This year we saw a
gradual rise in used car supply relative to last year, which was met with
increasing levels of used car demand, resulting in used car transaction growth
of 4% year on year. This set of market dynamics could have supported higher
used car prices, however pricing remained broadly stable which led to a
further increase in the speed with which cars were sold. This meant we did not
see an uptick in live car stock or the stock lever component of Average
Revenue Per Retailer ('ARPR'), which was negative in the year. This fast speed
of sale also impacted the level of product growth with less need for customers
to buy our prominence products. Despite this, we have generally managed to
retain customers, with 33% of retailer stock on a package above Standard
compared to 35% in the prior year, but additional upsell opportunities have
been limited. Both of these impacts can be seen in our ARPR growth of 5% year
on year, where much of the growth was attributable to our annual pricing and
product event.
Despite a subdued new car retail market, we have continued to make good
progress with our new car products. We ended the year with c.2,200 Franchise
customers paying to advertise new cars on the platform (2024: c.2,100).
Encouragingly, we had an average of 1.9 million people coming to Auto Trader
and viewing a new vehicle on average every month this year, an increase of 28%
on the previous year. Importantly, we are maintaining our relevance as the
market transitions to electric vehicles ('EVs'), with 21% of our new car stock
being EVs. We continue to work with manufacturers that are looking to sell
direct to consumers, however we are yet to find a solution that fits with
their operating model that is both scalable and effective.
We also offer an end-to-end leasing transaction journey on Auto Trader. This
year we continued to focus on integrating leasing offers into the core Auto
Trader search experience. The goal is to enable a more scalable and robust
checkout journey on all platforms and to ensure we are set up to grow
profitably as volume returns to the personal leasing channel ('PCH'). This
year we delivered 6,268 vehicles, which is lower than the previous year
(7,847) due to supply constraints in this channel and our focus on scalable
and profitable transactions. Average commission and ancillary revenue per
vehicle was £1,627, compared to £1,631 in the prior year. Despite more
challenging conditions than we expected at the beginning of the year,
operating losses halved from the previous year to £4.3m (2024: £8.8m loss).
Platform
We continue to see strong adoption amongst retailers and other industry
players of our platform capabilities, data, tools and technology services.
Many retailers gain access to these products through our Retailer Portal as
their primary stock management system, but for larger or more complex
retailers they integrate these services into their own systems. We see high
engagement once customers integrate either directly or through their
technology partners, as the data and services are embedded into their own
systems and processes. We are now integrated with over 120 technology partners
and continue to build on these partnerships each month. Making our platform
accessible enables our customers to benefit from the multi-year investment we
have made in our technology and data platform and our data science capability.
Over many years we have improved the quality of our vehicle data, retailer
data and consumer data, most of which is proprietary and not available
anywhere other than in our own services.
As part of our annual pricing and product event in April 2024, we made the
third module of Auto Trader Connect available, providing retailers with
Trended Valuations and our enhanced Retail Check product. Combined, this
powerful new layer of intelligence helps retailers adapt and respond to daily
market changes with quicker and more profitable sourcing, advertising, and
pricing decisions. Throughout the last financial year, over 70% of retailers
were using our trended valuations product each month. Most data we provide is
real-time, which is helpful but is enriched when retailers can see how retail
pricing for vehicles has trended in the past and what we forecast it to do in
the future. All our metrics draw on the millions of vehicle and consumer
observations we have, using machine learning to turn them into accurate and
specific metrics for exactly the car a retailer owns or is looking to buy.
We continue to focus on building a robust, scalable automotive finance
platform that brings transparency, technology and choice to the industry. We
believe this is very valuable to our customers, lenders and Auto Trader,
however the work and time taken to establish this is significant. One of the
key challenges is the time taken to secure lender agreement and for them to
prioritise and undertake the technical work to integrate with our platform.
The platform enables a journey up to two-way full real-time finance
applications and approval with an e-signature.
Digital retailing
Retailers and their physical stores will continue to play a critical role in
the car buying and retailing process for many years to come, as most consumers
are not comfortable buying a car entirely online. There is a desire to
inspect, test drive and gain support from people throughout the process.
However, we do believe the process can be improved by enabling more of the
journey to be done online, at a time convenient for car buyers before they
visit the forecourt. This also benefits our customers as a large amount of
resource is allocated to managing enquiries and processing paperwork that does
not ultimately result in a sale and therefore impacts their bottom line. We
are in a unique position to connect online journeys, which typically start on
Auto Trader, into retailers' systems and processes through our Retailer Portal
and API journeys. This is the strategy we have been pursuing to date with our
Deal Builder product.
The feedback on the product continues to be positive from both retailers and
car buyers, with deals converting twice as effectively as a regular Auto
Trader lead and over half of all deals being submitted outside of traditional
working hours. At the end of March 2025, we had increased customers using Deal
Builder year on year by 82% to c.2,000 (2024: c.1,100), which made the product
available on c.84,000 vehicles, an increase of over 100% on the same period
last year. Deals generated were three times higher at c.49,000 from c.16,000
in the prior year. Over half of the customers at year end were either paying
for the product or had been onboarded as 'try before you buy,' expecting to
roll up to paid after an initial offer period.
Given this progress, and our experience with previous products at Auto Trader,
we have decided to accelerate the adoption of Deal Builder by making Deal
Builder functionality part of our core advertising proposition. We believe
there are significant benefits to this approach:
- We have been onboarding c.500 customers every six months and with
this approach we expect to have significantly more customers with the product
by the end of this financial year, accelerating customer adoption.
- With significantly more vehicles having a 'deal' journey available,
we expect to materially increase the number of deals being submitted on Auto
Trader, accelerating the level of buyer engagement on site. We believe this
may provide additional functionality that will appeal to the two thirds of
buyers that walk into the forecourt without contacting the retailer in
advance, resulting in a disconnected and inefficient forecourt journey for
both the buyer and the retailer where there is no insight provided on the
buyer's online journey.
- We have seen retailers' willingness to pay for Deal Builder,
suggesting they value the product. While Deal Builder will no longer be
monetised per transaction, we now have the opportunity to bring Deal Builder
into our core offering, something we have a long history of successfully
achieving. This plays to our strengths of being a subscription business. We
continue to see future opportunities to further monetise finance and other
ancillary products.
- Having this functionality available on Auto Trader offers further
differentiation from current and future competitors. The technical undertaking
would require substantial time and resources to replicate.
Since our IPO more of our growth has come from product than price and stock.
Our product pipeline is as strong as it has ever been, with opportunities
across our advertising marketplace, data and AI, our platform services and
Digital Retailing. This combined with the strong foundations we have built
with our brand, data, technology, and software development capability gives us
confidence in our ability to grow profitably for many years to come.
5. Our purpose and culture
Our purpose is Driving Change Together. Responsibly, which describes why we
exist, what we are looking to do and how we are looking to achieve it. Culture
for us is as tangible and important to our performance, as our strategy,
competitive position and product development pipeline. We aim to be purpose
driven, principled, and values led. Whilst it lacks precision, our culture is
often described internally as 'doing the right thing', represented by
'Responsibly' in our purpose. Specifically, we are looking for balance.
Balance between short and long term performance, and balance between value
creation for customers, our people, shareholders and the industry and
communities within which we work.
'Together' is also an important part of our purpose. We refer internally to
being 'One' Auto Trader. This refers to working as a single team, not in
silos, with trust and collaboration over hierarchy and bureaucracy. To
progress any initiative, our people must talk, be aligned with our priorities,
listen to each other, and collaborate authentically. 'Together' also talks to
the partnership we aim for with our customers, retailers, manufacturers,
leasing companies, finance companies and other players in the automotive
ecosystem. We bring a lot more to our customers than just the advertising we
sell. With our data, brand, people and technology we can help our customers
achieve their business goals, which makes them much more likely to understand
and use our products, advice, insight and services. Finally, 'Together' is an
ownership mindset amongst our people which strongly reinforces the two points
above. We have now awarded two One Auto Trader all-employee share schemes that
provide employees with an extra 10% of their salary in shares each year,
vesting over a three-year period. This builds on an already strong ownership
culture, aligns our people with our shareholders and can be accommodated
within our long-term Auto Trader margin target.
There has been much in the press recently regarding diversity, equity and
inclusion ('DE&I'). At Auto Trader, we have been quietly working for many
years to create a talent strategy that is inclusive and diverse, where any
talented person can be successful. We started on that journey, and will
continue, because it has proven to be an important contributor to the success
of our organisation. 91% of people are proud to work at Auto Trader (March
2024: 97%). Our employee driven networks support women, ethnicity, LGBT+,
wellbeing, early careers, disability and neurodiversity, social mobility and
family. They have continued their impressive work and have supported many
colleagues during the period.
At the end of March 2025, women represented 44% of our organisation (March
2024: 44%) and 43% (March 2024: 42%) of leadership roles as defined by the
FTSE Women Leaders Review. We are committed to increasing the percentage of
ethnically diverse employees, who currently represent 19% of our organisation
(March 2024: 17%), with 7% of employees not disclosing their ethnicity. The
percentage of ethnically diverse employees in leadership increased to 10%
(March 2024: 6%), although we also increased our Leadership Team which
impacted this number. Following the AGM, our Board comprises six women and
three men, with two from an ethnically diverse background and a woman as
Senior Independent Director.
We are committed to being net zero by 2040 and halving our carbon emissions by
2030, targets which have been validated by the Science Based Targets
initiative ('SBTi'). Our calculations estimate our GHG emissions during the
year were 6% lower at c.93.2k tonnes of CO₂ across Scopes 1, 2 and 3 (2024:
98.9k tonnes). The majority of our emissions are Scope 3, predominantly
attributable to our suppliers and emissions relating to the small number of
vehicles sold by Autorama that pass through their balance sheet. Emissions
relating to Auto Trader total 9.9k tonnes and 83.3k tonnes are attributable to
Autorama (2024: Auto Trader 14.2k and Autorama 84.7k).
Board changes
At our AGM on 19 September 2024, Non-Executive Directors, David Keens and Jill
Easterbrook, did not stand for re-election having both served their third
three-year term. We are very grateful for David and Jill's contributions as
Non-Executive Directors and highly effective Committee Chairs. At the
conclusion of the AGM, Geeta Gopalan who joined the Board on 1 May 2024 was
appointed as Senior Independent Director and Remuneration Committee Chair, and
Amanda James who joined the Board on 1 July 2024 was appointed as Audit
Committee Chair.
On 16 May 2025 we announced the appointment of two Independent Non-Executive
Directors, Megan Quinn and Adam Jay, who will join the Board with effect from
1 July 2025. Megan and Adam will also join the Audit, Remuneration, Corporate
Responsibility and Nomination Committees. These appointments follow a
comprehensive search process using an external search firm, led by the
Nomination Committee, and are part of the Board's long-term succession
planning.
We also announced that Jeni Mundy, who has come to the end of her third
three-year term, and Sigga Sigurdardottir who will come to the end of her
second three-year term in 2025, will not stand for re-election at the 2025
AGM. We thank Jeni and Sigga for their important contributions to Auto Trader
during their time on the Board.
Investor calendar
The Group's results for the half year ending 30 September 2025 will be
announced on 6 November 2025.
2025 financial performance
Group results
2025 2024 Change
£m £m %
Revenue 601.1 570.9 5%
Operating costs (227.9) (225.0) (1%)
Share of profit from joint ventures 3.6 2.8 29%
Group operating profit 376.8 348.7 8%
Group operating profit margin 63% 61% 2% pts
Group revenue increased by 5% to £601.1m (2024: £570.9m) driven by Auto
Trader revenue which increased by 7% to £564.8m (2024: £529.7m) with
Autorama contributing £36.3m (2024: £41.2m). Group operating profit grew by
8% to £376.8m (2024: £348.7m).
Auto Trader operating profit increased by 4% to £394.0m (2024: £378.6m),
which included £3.6m share of profit from joint ventures (2024: £2.8m).
Autorama had an operating loss of £4.3m (2024: £8.8m).
2025 2024 Change
£m £m %
Auto Trader 394.0 378.6 4%
Autorama (4.3) (8.8) 51%
Group central costs - relating to Autorama acquisition (12.9) (21.1) 39%
Group operating profit 376.8 348.7 8%
Group central costs comprise an amortisation charge of £12.9m (2024: £10.0m)
relating to the Autorama intangible assets acquired, and, in the prior period,
there was an £11.1m charge for the remaining deferred consideration relating
to the acquisition of Autorama. The increased amortisation charge is due to
the Vanarama brand's useful economic life being reduced to five years from
acquisition, following accelerated integration between Auto Trader and
Autorama. This change took effect in October 2023. Group central costs are
expected to be £13.1m in financial year 2026.
2025 2024 Change
£m £m %
Operating profit 376.8 348.7 8%
Add back:
Depreciation & amortisation 20.7 18.3 13%
Share of profit from joint ventures (3.6) (2.8) 29%
Autorama deferred consideration - 11.1 (100%)
Adjusted EBITDA 393.9 375.3 5%
Adjusted earnings before interest, taxation, depreciation and amortisation,
share of profit from joint ventures and Autorama deferred consideration
increased by 5% to £393.9m (2024: 375.3m). This adjusted measure of EBITDA,
and a similar adjusted measure of earnings per share, are calculated to show
the financial measures before the effect of acquisition related expenses.
Group profit before tax increased by 9% to £375.7m (2024: £345.2m). Cash
generated from operations was £399.7m (2024: £379.0m).
Auto Trader results
Revenue increased to £564.8m (2024: £529.7m), up 7% when compared to the
prior year. Trade revenue, which comprises revenue from Retailer, Home Trader
and other smaller revenue streams, increased by 7% to £509.1m (2024:
£475.7m).
2025 2024 Change
£m
£m
%
Retailer 480.0 450.0 7%
Home Trader 16.1 13.4 20%
Other 13.0 12.3 6%
Trade 509.1 475.7 7%
Consumer Services 42.4 39.6 7%
Manufacturer & Agency 13.3 14.4 (8%)
Auto Trader revenue 564.8 529.7 7%
Retailer revenue increased by 7% to £480.0m (2024: £450.0m). The average
number of retailer forecourts advertising on our platform increased by 2% to
14,013 (2024: 13,783).
Average revenue per retailer ('ARPR') per month increased by 5% to £2,854
(2024: £2,721). The ARPR growth was driven by the product and price levers,
with a small negative contribution from the stock lever.
· Price: Our price lever contributed growth of £78 (2024: £114) to
total ARPR as we delivered our annual pricing event for all customers on 1
April 2024, which included additional products alongside a like-for-like price
increase.
· Stock: Our stock lever negatively impacted ARPR by £22, compared
to a positive contribution of £34 in the prior year. This was driven by a
reduction in the average number of retailer paid stock units, as a result of
an accelerated speed of sale which meant more vehicles were sold through a
slightly lower number of advertising slots. The average number of live cars
advertised on Auto Trader increased by 1% to 449,000 (2024: 445,000) with new
car stock consistent at an average of 20,000 (2024: 20,000). Average
underlying used car stock also increased marginally in the year to 429,000
(2024: 426,000), driven by an increase in the volume of private listings which
do not impact the stock lever.
· Product: Our product lever contributed £77 (2024: £136) to total
ARPR. This growth is mainly attributable to the Trended Valuations and
enhanced Retail Check products, which were included in retailer packages as
part of the annual pricing and product event in April 2024. New Car has also
contributed positively due to an increased number of paying retailers.
Home Trader revenue increased by 20% to £16.1m (2024: £13.4m). Other
revenue increased by 6% to £13.0m (2024: £12.3m).
Consumer Services revenue (comprising Private and Motoring Services revenue)
increased by 7% in the year to £42.4m (2024: £39.6m). Private revenue, which
is largely generated from individual sellers who pay to advertise their
vehicle on the Auto Trader marketplace, was unchanged at £26.6m (2024:
£26.6m). Motoring Services revenue increased 22% to £15.8m (2024: £13.0m),
driven by increased revenue from our finance partners.
Revenue from Manufacturer and Agency customers decreased 8% to £13.3m (2024:
£14.4m), with much of the decrease being due to foregone revenue for certain
platform services in exchange for data.
Total costs increased 13% to £174.4m (2024: £153.9m).
2025 2024 Change
£m £m %
People costs 92.8 81.5 14%
Marketing 24.6 22.3 10%
Other costs 40.5 44.2 (8%)
Depreciation & amortisation 6.3 5.9 7%
Digital Services Tax 10.2 - -
Auto Trader costs 174.4 153.9 13%
People costs increased by 14% to £92.8m (2024: £81.5m). The increase in
people costs was mainly due to an increase in the average number of full-time
equivalent employees ('FTEs') to 1,140 (2024: 1,060) as we continue to invest
in people to support the growth of the business. Underlying salary costs also
contributed, as we continue to attract and retain the best digital talent.
Within people costs, share-based payments were £11.3m (2024: £8.2m),
increasing 41% due to the vesting of our all-employee share schemes. The first
award was granted in November 2023 and the second award was granted in
November 2024. With a further award granted each November, share-based
payments are expected to be c.£14-15m in financial year 2026.
Marketing expenditure increased 10% to £24.6m (2024: £22.3m).
Other costs, which include data services, property-related costs and other
overheads, decreased by 8% to £40.5m (2024: £44.2m). The year-on-year
decrease was primarily due to reduced legal & professional costs and
increased research and development expenditure credits ('RDEC'). Depreciation
and amortisation increased by 7% to £6.3m (2024: £5.9m). We recently
announced that we are moving our head office within Manchester from the
beginning of 2026. The fit-out of the new premises has substantively commenced
and the Group has incurred costs of £2.6m in 2025 and is committed to
incurring further capital expenditure of c.£20m in 2026. Total Auto Trader
depreciation and amortisation is expected to be £9.0m in financial year 2026
and £10.0m in financial year 2027.
2025 2024 Change
£m £m %
Revenue 564.8 529.7 7%
Operating costs (174.4) (153.9) (13%)
Share of profit from joint ventures 3.6 2.8 29%
Auto Trader operating profit 394.0 378.6 4%
Auto Trader operating profit margin 70% 71% (1%) pts
The Group's share of profit from our joint venture, Dealer Auction, increased
29% to £3.6m (2024: £2.8m). This increase was driven by a higher volume of
vehicle transactions.
Autorama results
2025 2024 Change
£m £m %
Vehicle & Accessory Sales 26.1 28.4 (8%)
Commission & Ancillary 10.2 12.8 (20%)
Autorama revenue 36.3 41.2 (12%)
Autorama revenue was £36.3m (2024: £41.2m), with vehicle and accessory sales
contributing £26.1m (2024: £28.4m), and commission and ancillary revenue
contributing £10.2m (2024: £12.8m).
Total deliveries amounted to 6,268 units (2024: 7,847), which comprised 2,124
cars (2024: 2,646), 3,498 vans (2024: 4,616) and 646 pickups (2024: 585).
Average commission and ancillary revenue per unit delivered was £1,627 (2024:
£1,631).
2025 2024 Change
£m £m %
Cost of goods sold 26.2 28.2 (7%)
People costs 7.4 10.9 (32%)
Marketing 2.7 4.0 (33%)
Other costs 2.8 4.5 (38%)
Depreciation & amortisation 1.5 2.4 (38%)
Autorama costs 40.6 50.0 (19%)
The Autorama business delivered c.900 (2024: c.1,200) vehicles which were
temporarily taken on balance sheet in the year to 31 March 2025. This
represented 14% (2024: 15%) of total vehicles delivered in the period. The
cost of these vehicles was taken through cost of goods sold, with the
corresponding revenue in vehicle and accessory sales.
People costs of £7.4m (2024: £10.9m) related to the 127 FTEs (2024: 173)
employed on average through the year. Marketing in the year was £2.7m (2024:
£4.0m). Other costs of £2.8m (2024: £4.5m) include IT services, property
costs, and other overheads. Depreciation and amortisation totalled £1.5m
(2024: £2.4m).
2025 2024 Change
£m £m %
Revenue 36.3 41.2 (12%)
Costs (40.6) (50.0) 19%
Operating loss (4.3) (8.8) 51%
Group net finance costs
Group net finance costs decreased to £1.1m (2024: £3.5m). Interest costs on
the Group's Syndicated Revolving Credit Facility ('Syndicated RCF') totalled
£1.1m (2024: £3.0m) with the year-on-year decrease due to lower borrowing
during the year.
At 31 March 2025, the Group had drawn £nil of its available facility (31
March 2024: £30.0m). Other finance costs comprised amortisation of debt issue
costs of £0.5m (2024: £0.6m), vehicle stocking loan interest of £0.3m
(2024: £0.3m) and interest costs relating to leases of £0.1m (2024: £0.1m).
This was offset by interest receivable on cash and cash equivalents of £0.9m
(2024: £0.5m).
Extension of Syndicated RCF commitments
On 1 February 2025, the Group extended the term of its Syndicated RCF to
February 2030 by exercising the remaining one-year extension option, incurring
£0.3m of transaction costs. Until February 2029 the available facility is
£200m, reducing to £165m thereafter, due to one lender not participating in
the second extension option. There is no change to the interest rate payable
and there is no requirement to settle all, or part of the debt earlier than
the termination dates stated.
Taxation
Group profit before taxation increased by 9% to £375.7m (2024: £345.2m). The
Group tax charge of £93.1m (2024: £88.3m) represents an effective tax rate
of 25% (2024: 26%), which is in line with the standard rate of UK corporation
tax.
The Group has exceeded the threshold for in-scope revenue for UK Digital
Services Tax ('UK DST') in financial year 2025. This has resulted in an
operating expense of £10.2m in the period, which we expect to be recurring
and to grow in line with revenue. We had previously commented that the UK
Government continues to work towards implementing a global two-pillar tax
solution addressing the tax challenges arising from the digitalisation of the
economy. The recently announced US trade deal has not impacted UK DST. We will
continue to monitor the progress of any changes to the application of UK DST.
Earnings per share
Basic earnings per share increased by 12% to 31.66 pence (2024: 28.15 pence)
based on a weighted average number of ordinary shares in issue of 892.4
million (2024: 912.6 million). Diluted earnings per share of 31.56 pence
(2024: 28.07 pence) also increased by 12%, based on 895.4 million shares
(2024: 915.3 million) which accounts for the dilutive impact of outstanding
share awards.
2025 2024 Change
£m
£m
%
Net income 282.6 256.9 10%
Autorama deferred consideration - 11.1 (100%)
Adjusted Net income 282.6 268.0 5%
Adjusted earnings per share (pence) 31.66 29.37 8%
Adjusted earnings per share, before Autorama deferred consideration, and net
of the tax effect in respect of these items, increased by 8% to 31.66 pence
(2024: 29.37 pence).
Cash flow and net cash
Cash generated from operations increased to £399.7m (2024: £379.0m)
predominantly due to the increase in operating profit. Corporation tax
payments increased to £95.1m (2024: £91.5m). Net cash generated from
operating activities was £304.6m (2024: £287.5m).
As at 31 March 2025, the Group had net cash of £15.3m (31 March 2024: net
bank debt of £11.3m), an increase of £26.6m. At the year end, the Group had
drawn £nil of its Syndicated RCF (31 March 2024: £30.0m) and held cash and
cash equivalents of £15.3m (31 March 2024: £18.7m).
Leverage, defined as the ratio of Net bank debt to EBITDA (adjusted for the
Autorama deferred consideration), was 0.0 times (2024: 0.0 times) and interest
paid was £1.2m (2024: £3.1m).
Capital structure and dividends
During the year, a total of 23.9 million shares (2024: 25.2 million) were
purchased for a consideration of £187.3m (2024: £169.9m) before transaction
costs of £0.9m (2024: £0.9m). A further £88.4m (2024: £80.4m) was paid in
dividends, giving a total of £275.7m (2024: £250.3m) in cash returned to
shareholders.
The Directors are recommending a final dividend of 7.1 pence per share.
Subject to shareholders' approval at the Annual General Meeting ('AGM') on 18
September 2025, the final dividend will be paid on 26 September 2025 to
shareholders on the register of members at the close of business on 29 August
2025. The total dividend for the year is therefore 10.6 pence per share (2024:
9.6 pence per share).
The Group's long-term capital allocation policy remains consistent, focusing
on investing in the business to support growth while returning approximately
one third of net income to shareholders through dividends. Any surplus cash
following these activities will be used to continue our share buyback program.
Going concern
The Group generated significant cash from operations during the year. At 31
March 2025 the Group had drawn £nil of its Syndicated RCF and had cash
balances of £15.3m. The Group has a strong balance sheet, flexibility
regarding the utilisation of cash, and a Syndicated RCF committed until
February 2030. Based on these factors and the current financial projections
for the next 12 months, the Directors have concluded that it is appropriate to
prepare the financial statements on a going concern basis.
Audit tender
KPMG LLP were appointed as statutory auditor for the financial year ending 31
March 2017, following a competitive tender process in 2016. In line with the
Large Companies Market Investigation Order 2014 we must conduct a competitive
tender process for our statutory audit engagement every ten years or earlier.
To allow ample time for the selection process and an orderly transition should
there be a change in auditor, the Group will commence a comprehensive and
competitive tender process during the upcoming year for the external audit for
the financial year ending 31 March 2027. The process will be led by the Chair
of the Audit Committee and supported by a steering group who will make a
recommendation to the Board on the appointment or reappointment of the
statutory auditor (as applicable).
The audit tender process is expected to conclude before the end of this
financial year (FY26). An announcement will be made following the selection of
the preferred firm by the Board.
Consolidated income statement
For the year ended 31 March 2025
Note 2025 2024
£m £m
Revenue 3 601.1 570.9
Operating costs (227.9) (225.0)
Share of profit from joint ventures, net of tax 11 3.6 2.8
Operating profit 4 376.8 348.7
Net finance costs 5 (1.1) (3.5)
Profit before taxation 375.7 345.2
Taxation 6 (93.1) (88.3)
Profit for the year attributable to equity holders of the parent 282.6 256.9
Basic earnings per share (pence) 7 31.66 28.15
Diluted earnings per share (pence) 7 31.56 28.07
Consolidated statement of comprehensive income
For the year ended 31 March 2025
2025 2024
£m £m
Profit for the year 282.6 256.9
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Exchange differences on translation of foreign operations - -
Realisation of cumulative currency translation differences - -
- -
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations, net of tax (0.5) (0.1)
Other comprehensive income for the year, net of tax (0.5) (0.1)
Total comprehensive income for the year attributable to equity holders of the 282.1 256.8
parent
Consolidated balance sheet
At 31 March 2025
Note 2025 2024
£m £m
Assets
Non-current assets
Intangible assets 8 472.2 487.7
Property, plant and equipment 9 13.4 14.9
Deferred taxation assets 1.1 -
Retirement benefit surplus 0.2 0.6
Net investments in joint ventures 11 47.4 48.2
Other investments 1.3 1.3
535.6 552.7
Current assets
Inventory 2.0 2.6
Trade and other receivables 84.7 83.3
Current income tax assets 2.0 0.7
Cash and cash equivalents 15.3 18.7
104.0 105.3
Total assets 639.6 658.0
Equity and liabilities
Equity attributable to equity holders of the parent
Share capital 13 8.9 9.2
Share premium 182.6 182.6
Retained earnings 1,437.9 1,420.5
Own shares held 14 (31.6) (31.3)
Capital reorganisation reserve (1,060.8) (1,060.8)
Capital redemption reserve 1.7 1.4
Other reserves 30.7 30.7
Total equity 569.4 552.3
Liabilities
Non-current liabilities
Borrowings 12 - 27.7
Provisions 1.6 1.6
Lease liabilities 10 0.4 2.4
Deferred income 7.2 7.8
Deferred taxation liabilities - 2.9
9.2 42.4
Current liabilities
Trade and other payables 57.9 60.1
Provisions 1.0 0.8
Lease liabilities 10 2.1 2.4
61.0 63.3
Total liabilities 70.2 105.7
Total equity and liabilities 639.6 658.0
The financial statements were approved by the Board of Directors on 29 May
2025 and authorised for issue:
Jamie Warner
Chief Financial Officer
Auto Trader Group plc
Registered number: 09439967
29 May 2025
Consolidated statement of changes in equity
For the year ended 31 March 2025
Note Share Share Retained Own shares Capital Capital Other Total
capital premium earnings held reorganisation redemption reserves equity
£m £m £m £m reserve reserve £m £m
£m £m
Balance at 31 March 2023 9.3 182.6 1,390.3 (26.0) (1,060.8) 1.2 30.7 527.3
Profit for the year - - 256.9 - - - - 256.9
Other comprehensive income:
Remeasurements of post-employment benefit obligations, net of tax - - (0.1) - - - - (0.1)
Total comprehensive income, net of tax - - 256.8 - - - - 256.8
Transactions with owners
Employee share schemes - value of employee services - - 17.9 - - - - 17.9
Exercise of employee share schemes - - (4.0) 5.8 - - - 1.8
Tax impact of employee share schemes - - (0.3) - - - - (0.3)
Purchase of own shares for treasury - - - (11.1) - - - (11.1)
Purchase of own shares for cancellation (0.2) - (159.7) - - 0.2 - (159.7)
Issue of ordinary shares 0.1 - (0.1) - - - - -
Dividends paid - - (80.4) - - - - (80.4)
Total transactions with owners, recognised directly in equity (0.1) - (226.6) (5.3) - 0.2 - (231.8)
Balance at 31 March 2024 9.2 182.6 1,420.5 (31.3) (1,060.8) 1.4 30.7 552.3
Profit for the year - - 282.6 - - - - 282.6
Other comprehensive income:
Remeasurements of post-employment benefit obligations, net of tax - - (0.5) - - - - (0.5)
Total comprehensive income, net of tax - - 282.1 - - - - 282.1
Transactions with owners
Employee share schemes - value of employee services - - 9.7 - - - - 9.7
Exercise of employee share schemes - - (9.4) 10.5 - - - 1.1
Tax impact of employee share schemes - - 0.8 - - - - 0.8
Purchase of own shares for treasury - - - (10.8) - - - (10.8)
Purchase of own shares for cancellation (0.3) - (177.4) - - 0.3 - (177.4)
Dividends paid - - (88.4) - - - - (88.4)
Total transactions with owners, recognised directly in equity (0.3) - (264.7) (0.3) - 0.3 - (265.0)
Balance at 31 March 2025 8.9 182.6 1,437.9 (31.6) (1,060.8) 1.7 30.7 569.4
Consolidated statement of cash flows
For the year ended 31 March 2025
Note 2025 2024
£m £m
Cash flows from operating activities
Cash generated from operations 16 399.7 379.0
Income taxes paid (95.1) (91.5)
Net cash generated from operating activities 304.6 287.5
Cash flows from investing activities
Purchases of intangible assets - (0.2)
Purchases of property, plant and equipment (4.0) (3.6)
Proceeds from sale of property, plant and equipment 0.3 0.2
Dividends received from joint ventures 4.4 3.9
Interest received on cash and cash equivalents 0.9 0.5
Proceeds on disposal of shares in investment entities - 1.0
Net cash used in investing activities 1.6 1.8
Cash flows from financing activities
Dividends paid to Company's shareholders 15 (88.4) (80.4)
Drawdown of Syndicated revolving credit facility 12 - 57.0
Repayment of Syndicated revolving credit facility 12 (30.0) (87.0)
Repayment of other debt - (1.1)
Payment of refinancing fees 12 (0.3) (0.5)
Payment of interest on borrowings 5 (1.2) (3.4)
Payment of lease liabilities 10 (2.5) (2.7)
Purchase of own shares for cancellation 13 (176.6) (158.9)
Purchase of own shares for treasury 14 (10.7) (11.0)
Payment of fees on purchase of own shares (0.9) (0.9)
Contributions to defined benefit pension scheme (0.1) (0.1)
Proceeds from exercise of share-based incentives 1.1 1.8
Net cash used in financing activities (309.6) (287.2)
Net (decrease)/increase in cash and cash equivalents (3.4) 2.1
Cash and cash equivalents at beginning of year 18.7 16.6
Cash and cash equivalents at end of year 15.3 18.7
Notes to the consolidated financial statements
1. General information
Basis of preparation
The Consolidated financial statements have been prepared in accordance with
the requirements of the Companies Act 2006 and in accordance with UK-adopted
international accounting standards. The Consolidated financial statements have
been prepared on the going concern basis and under the historical cost
convention except for equity investments which are carried at fair value. The
Group's principal business is the operation of the Auto Trader platforms which
form the UK's largest automotive marketplace.
The following amendments to standards have been adopted by the Group for the
first time for the financial year beginning on 1 April 2024:
· Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
· Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
The adoption of these amendments has had no material effect on the Group's
Consolidated financial statements.
There are a number of amendments to IFRS that have been issued by the IASB
that, when endorsed in the UK, will become effective in a subsequent
accounting period including:
· Lack of Exchangeability (Amendments to IAS 21)
· Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)
· Presentation and Disclosure in Financial Statements (IFRS 18)
· Subsidiaries without Public Accountability Disclosures (IFRS 19)
· Classification and Measurement of Financial Instruments
(Amendments to IFRS 7 and IFRS 9)
The Group has evaluated these changes, and none are expected to have a
material impact on the Consolidated financial statements.
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 March 2025 or 31 March 2024 but is
derived from those accounts. Statutory accounts for 31 March 2024 have been
delivered to the registrar of companies, and those for 31 March 2025 will be
delivered in due course. The auditor has reported on those accounts; their
reports were (i) unqualified, (ii) did not include a reference to any matters
to which the auditor drew attention by way of emphasis without qualifying
their report and (iii) did not contain a statement under section 498 (2) or
(3) of the Companies Act 2006.
Going concern
During the year ended 31 March 2025 the Group has continued to generate
significant cash from operations. The Group has an overall positive net asset
position and had cash balances of £15.3m at 31 March 2025 (2024: £18.7m).
During the year £275.7m was returned to shareholders through share buybacks
and dividends (2024: £250.3m).
The Group has access to a Syndicated revolving credit facility (the
'Syndicated RCF'). At 31 March 2025 the Group had £nil (2024: £30.0m) drawn
of its £200.0m Syndicated RCF. On 1 February 2025, the Group extended the
term for its Syndicated RCF by one year and the facility is now available
until February 2030.
Cash flow projections for a period of not less than 12 months from the date of
this report have been prepared. Stress case scenarios have been modelled to
make the assessment of going concern, taking into account a severe
macroeconomic shock, ransomware attack and a significant new market entrant
within the next 12 months. The results of the stress testing demonstrated that
due to the Group's significant free cash flow, access to the Syndicated RCF
and the Board's ability to adjust the discretionary share buyback programme,
the Group would be able to withstand the impact and remain cash generative.
Following the year end, the Group has generated cash flows in line with its
forecast and there are no events that have adversely impacted the Group's
liquidity.
The Directors, after making enquiries and on the basis of current financial
projections and facilities available, believe that the Group has adequate
financial resources to continue in operation for a period not less than 12
months from the date of this report. For this reason, they continue to adopt
the going concern basis in preparing the financial statements.
Accounting estimates and judgements
The preparation of financial statements in conformity with UK-adopted
international accounting standards requires the use of certain accounting
estimates and assumptions. It also requires management to exercise its
judgement in the process of applying the Group's accounting policies.
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
The key assumptions concerning the future, and other key sources of estimation
uncertainty at the balance sheet date, that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are discussed below.
Carrying values of goodwill (judgement and estimate)
The Group tests annually whether goodwill held by the Group has suffered any
impairment in accordance with its accounting policy. The Group has two cash
generating units, Digital and Autorama. Estimation is required for the
assumptions used in the calculation of the recoverable amounts of each cash
generating unit.
2. Segmental information
IFRS 8 'Operating segments' requires the Group to determine its operating
segments based on information which is provided internally. Based on the
internal reporting information and management structures within the Group, it
has been determined that there are two operating segments (2024: two operating
segments). The Group's reportable operating segments have therefore been
identified as follows:
· Auto Trader - includes the results of Auto Trader and AutoConvert in
respect of online classified advertising of motor vehicles and other related
products and services in the digital automotive marketplace including profit
from the Dealer Auction joint venture.
· Autorama - the results of Autorama in respect of a marketplace for
leasing new vehicles and other related products and services.
Management has determined that there are two operating segments in line with
the nature in which the Group is managed. The reports reviewed by the Auto
Trader Leadership Team ('ALT'), which is the chief operating decision-maker
('CODM') for both segments, splits out operating performance by segment. The
ALT is made up of the Executive Directors and Key Management and is
responsible for the strategic decision-making of the Group. Revenue and cost
streams for each operating segment are largely independent in the reporting
period.
The ALT primarily uses the measures of revenue and operating profit to assess
the performance of each operating segment. Segment revenue comprises revenue
from external customers and is reported to the ALT is measured in a manner
consistent with that in the income statement. Inter-segment revenue and costs
are not reported to the ALT. In the year to 31 March 2025, inter-segment
revenue earned by Auto Trader from Autorama for vehicles leased via a journey
initiated on the Auto Trader platform was not material (2024: £nil).
Analysis of the Group's revenue and results for both reportable segments, with
a reconciliation to Group profit before tax is shown below:
Year to March 2025 Auto Trader segment Autorama segment Group Group
central costs
£m £m
£m
£m
Total segment revenue 564.8 36.3 - 601.1
People costs (92.8) (7.4) - (100.2)
Marketing (24.6) (2.7) - (27.3)
Costs of goods sold - (26.2) - (26.2)
Digital Services Tax (10.2) - - (10.2)
Other costs (40.5) (2.8) - (43.3)
Depreciation & amortisation (6.3) (1.5) (12.9) (20.7)
Total segment costs (174.4) (40.6) (12.9) (227.9)
Share of profit from joint ventures 3.6 - - 3.6
Total segment operating profit/(loss) 394.0 (4.3) (12.9) 376.8
Finance costs - net (1.1)
Profit before tax 375.7
Group central costs are not allocated to the operating profit/(loss) reported
to the CODM for either operating segment. For the year ending 31 March 2025,
an amortisation expense of £12.9m (2024: £10.0m) was recognised in relation
to the fair value of the brand, technology and other assets acquired in the
Group's business combination of Autorama. In the prior period, a further
£11.1m charge was recognised in people costs, comprising a £10.4m
share-based payment charge relating to the shares issued as part of the
deferred consideration for Autorama and a further £0.7m settled in cash.
Year to March 2024 Auto Trader segment Autorama segment Group Group
central costs
£m £m
£m
£m
Total segment revenue 529.7 41.2 - 570.9
People costs (81.5) (10.9) (11.1) (103.5)
Marketing (22.3) (4.0) - (26.3)
Costs of goods sold - (28.2) - (28.2)
Other costs (44.2) (4.5) - (48.7)
Depreciation & amortisation (5.9) (2.4) (10.0) (18.3)
Total segment costs (153.9) (50.0) (21.1) (225.0)
Share of profit from joint ventures 2.8 - - 2.8
Total segment operating profit/(loss) 378.6 (8.8) (21.1) 348.7
Finance costs - net (3.5)
Profit before tax 345.2
3. Revenue
The Group's revenue is derived from contracts with customers. All revenues
were earned from activities and customers in the United Kingdom.
In the following table, the Group's revenue is detailed by customer type. This
level of detail is consistent with that used by management to assist in the
analysis of the Group's revenue-generating trends.
Revenue 2025 2024
£m £m
Retailer 480.0 450.0
Home Trader 16.1 13.4
Other 13.0 12.3
Trade 509.1 475.7
Consumer Services 42.4 39.6
Manufacturer and Agency 13.3 14.4
Autorama 36.3 41.2
Total revenue 601.1 570.9
4. Operating profit
Operating profit is after (charging)/crediting the following:
Note 2025 2024
£m £m
Staff costs (100.0) (92.2)
Contractor costs (0.2) (0.2)
Depreciation of property, plant and equipment 9 (5.2) (4.8)
Amortisation of intangible assets 8 (15.5) (13.5)
(Loss)/profit on sale of property, plant and equipment (0.0) (0.3)
5. Net finance costs
2025 2024
£m £m
On bank loans and overdrafts 1.1 3.0
Amortisation of debt issue costs 0.5 0.6
Interest unwind on lease liabilities 0.1 0.1
Interest on vehicle stocking loan 0.3 0.3
Interest receivable on cash and cash equivalents (0.9) (0.5)
Total 1.1 3.5
6. Taxation
2025 2024
£m £m
Current taxation
UK corporation taxation 96.5 91.7
Adjustments in respect of prior years 0.4 -
Total current taxation 96.9 91.7
Deferred taxation
Origination and reversal of temporary differences (3.4) (3.0)
Adjustments in respect of prior years (0.4) (0.4)
Total deferred taxation (3.8) (3.4)
Total taxation charge 93.1 88.3
The taxation charge for the year is slightly lower (2024: higher than) the
effective rate of corporation tax in the UK of 25% (2024: 25%). The
differences are explained below:
2025 2024
£m £m
Profit before taxation 375.7 345.2
Tax on profit at the standard UK corporation tax rate of 25% (2023: 19%) 93.9 86.3
Expenses not deductible for taxation purposes 0.4 3.5
Share of joint venture taxation (0.9) (0.7)
Adjustments in respect of OCI group relief (0.3) -
Adjustments in respect of prior years - (0.4)
Adjustments in respect of losses not previously recognised - (0.4)
Total taxation charge 93.1 88.3
Expenses non-deductible for taxation purposes in the current year primarily
relate to amortisation of intangible assets arising on acquisitions.
Taxation on items taken directly to equity was a debit of £0.8m (2024: debit
of £0.3m) relating to tax on share-based payments.
Taxation recorded in equity within the Consolidated statement of comprehensive
income was a release of £0.5m (2024: release of £0.1m) relating to
post-employment benefit obligations.
The taxation charge for the year is based on the standard rate of UK
corporation tax for the period of 25% (2024: 25%). Deferred income taxes have
been measured at the tax rate expected to be applicable at the date the
deferred income tax assets and liabilities are realised.
The Group has exceeded the threshold for in-scope revenue for UK DST in
financial year 2025. This has resulted in an operating expense of £10.2m in
the period, which we expect to be recurring and growing in line with revenue.
We had previously commented that the UK Government continues to work towards
implementing a global two-pillar tax solution addressing the tax challenges
arising from the digitalisation of the economy. The recently announced US
trade deal has not impacted UK DST. We will continue to monitor the progress
of any changes to the application of UK DST.
7. Earnings per share
Basic earnings per share is calculated using the weighted average number of
ordinary shares in issue during the year, excluding those held in treasury and
by the Employee Share Option Trust ('ESOT'), based on the profit for the year
attributable to shareholders.
Weighted average Total Pence
number of ordinary shares earnings per share
£m
Year ended 31 March 2025
Basic EPS 892,418,234 282.6 31.66
Diluted EPS 895,392,458 282.6 31.56
Year ended 31 March 2024
Basic EPS 912,582,172 256.9 28.15
Diluted EPS 915,302,568 256.9 28.07
The number of shares in issue at the start of the year is reconciled to the
basic and diluted weighted average number of shares below:
2025 2024
Issued ordinary shares at 1 April 907,213,454 923,074,657
Weighted effect of ordinary shares purchased for cancellation (9,986,345) (11,835,430)
Weighted effect of ordinary shares held in treasury (4,507,565) (4,417,849)
Weighted effect of shares held in the ESOT (301,310) (330,294)
Weighted effect of ordinary shares issued for share-based payments - 6,091,088
Weighted average number of shares for basic EPS 892,418,234 912,582,172
Dilutive impact of share options outstanding 2,974,224 2,720,396
Weighted average number of shares for diluted EPS 895,392,458 915,302,568
For diluted earnings per share, the weighted average number of shares for
basic EPS is adjusted to assume conversion of all potentially dilutive
ordinary shares. The Group has potentially dilutive ordinary shares arising
from share options granted to employees. Options are dilutive where the
exercise price together with the future IFRS 2 charge is less than the average
market price of the ordinary shares during the year. Options under the
Performance Share Plan, the Single Incentive Plan Award for the Auto Trader
Leadership Team and certain key employees, the Single Incentive Plan Award for
all employees, the Deferred Annual Bonus Plan and the Share Incentive Plan are
contingently issuable shares and are therefore only included within the
calculation of diluted EPS if the performance conditions are satisfied.
The average market value of the Group's shares for the purposes of calculating
the dilutive effect of share-based incentives was based on quoted market
prices for the period during which the share-based incentives were
outstanding.
8. Intangible assets
Goodwill Software Financial Brand Other Total
and website development costs
systems
£m
£m £m £m
£m £m
Cost
At 31 March 2023 544.6 27.3 13.1 48.2 29.7 662.9
Additions - 0.2 - - - 0.2
Disposals - (3.0) - - - (3.0)
At 31 March 2024 544.6 24.5 13.1 48.2 29.7 660.1
Additions - - - - - -
Disposals - (2.6) - - - (2.6)
At 31 March 2025 544.6 21.9 13.1 48.2 29.7 657.5
Accumulated amortisation and impairments
At 31 March 2023 117.0 9.9 13.1 4.3 17.6 161.9
Amortisation charge - 3.0 - 7.9 2.6 13.5
Disposals - (3.0) - - - (3.0)
At 31 March 2024 117.0 9.9 13.1 12.2 20.2 172.4
Amortisation charge - 2.7 - 11.2 1.6 15.5
Disposals - (2.6) - - - (2.6)
At 31 March 2025 117.0 10.0 13.1 23.4 21.8 185.3
Net book value at 31 March 2025 427.6 11.9 - 24.8 7.9 472.2
Net book value at 31 March 2024 427.6 14.6 - 36.0 9.5 487.7
Net book value at 31 March 2023 427.6 17.4 - 43.9 12.1 501.0
Other intangibles include customer relationships, technology, trade names,
trademarks and non-compete agreements. Intangible assets which have a finite
useful life are carried at cost less accumulated amortisation. Amortisation of
these intangible assets is calculated using the straight-line method to
allocate the cost of the assets over their estimated useful lives (principally
between 3 to 15 years). The longest estimated useful life remaining at 31
March 2025 is 10 years (2024: 11 years).
For the year to 31 March 2025, the amortisation charge of £15.5m (2024:
£13.5m) has been charged to operating costs in the Consolidated income
statement. The increased amortisation charge is the result of the useful
economic life of the Vanarama brand being reduced to five years from
acquisition, following accelerated integration between Auto Trader and
Autorama. This change took effect in October 2023.
At 31 March 2025, there were no software and website development costs
representing assets under construction (2024: £nil).
In accordance with UK-adopted international accounting standards, goodwill is
not amortised, but instead is tested annually for impairment, or more
frequently if there are indicators of impairment. Goodwill is carried at cost
less accumulated impairment losses.
9. Property, plant and equipment
Land, buildings and leasehold improvements Office Motor Work In Progress Total
vehicles
£m equipment
£m £m
£m
£m
Cost
At 31 March 2023 21.7 13.2 2.0 - 36.9
Additions 2.8 1.4 0.2 - 4.4
Disposals (1.5) (4.1) (0.6) - (6.2)
At 31 March 2024 23.0 10.5 1.6 - 35.1
Additions 0.2 1.3 0.2 2.6 4.3
Disposals (0.2) (2.9) (1.0) - (4.1)
At 31 March 2025 23.0 8.9 0.8 2.6 35.3
Accumulated depreciation
At 31 March 2023 10.4 9.4 1.2 - 21.0
Charge for the year 2.9 1.5 0.4 - 4.8
Disposals (1.1) (4.1) (0.4) - (5.6)
At 31 March 2024 12.2 6.8 1.2 - 20.2
Charge for the year 3.4 1.5 0.3 - 5.2
Disposals (0.2) (2.6) (0.7) - (3.5)
At 31 March 2025 15.4 5.7 0.8 - 21.9
Net book value at 31 March 2025 7.6 3.2 0.0 2.6 13.4
Net book value at 31 March 2024 10.8 3.7 0.4 - 14.9
Net book value at 31 March 2023 11.3 3.8 0.8 - 15.9
Included within property, plant and equipment are £2.8m (2024: £5.0m) of
assets recognised as leases under IFRS 16. The depreciation expense of £5.2m
for the year to 31 March 2025 (2024: £4.8m) has been recorded
in operating costs. During the year, £2.6m (2024: £5.3m) worth of property,
plant and equipment with £nil net book value was disposed of.
During the period, the Group announced the planned relocation of its head
office. The fit-out of the new premises has commenced and the Group has
incurred costs of £2.6m in 2025, disclosed under work in progress.
10. Leases
The Group's lease assets are held within property, plant and equipment.
Information about leases for which the Group is a lessee is presented below.
2025 2024
£m £m
Net book value property, plant and equipment owned 10.6 9.9
Net book value right of use assets 2.8 5.0
13.4 14.9
Net book value of right of use assets Land, buildings and leasehold improvements Office Motor Total
vehicles
£m equipment
£m
£m
£m
At 31 March 2023 5.8 0.2 0.5 6.5
Additions 0.5 0.1 0.2 0.8
Disposals (0.1) - - (0.1)
Depreciation charge (1.8) (0.1) (0.3) (2.2)
At 31 March 2024 4.4 0.2 0.4 5.0
Additions - 0.1 0.2 0.3
Disposals - - (0.2) (0.2)
Depreciation charge (2.0) (0.1) (0.2) (2.3)
At 31 March 2025 2.4 0.2 0.2 2.8
Lease liabilities in the balance sheet at 31 March 2025 2024
£m £m
Current 2.1 2.4
Non-current 0.4 2.4
Total 2.5 4.8
The term recognised for certain leases has assumed lease break options are
exercised. Certain lease rentals are subject to periodic market rental
reviews.
During the prior year, the Group reassessed its dilapidations provision for
its leased properties which resulted in a £0.4m increase in the provision and
corresponding increase in the right of use asset.
2025 2024
Amounts charged in the income statement £m £m
Depreciation charge of right of use assets 2.3 2.2
Interest on lease liabilities 0.1 0.1
Total amounts charged in the income statement 2.4 2.3
Cash outflow 2025 2024
£m £m
Total cash outflow for leases 2.5 2.7
11. Net investments in joint ventures
Joint ventures are contractual arrangements over which the Group exercises
joint control with partners and where the parties have rights to the net
assets of the arrangement, irrespective of the Group's shareholding in the
entity.
The Group owns 49% of the ordinary share capital of Dealer Auction Limited
(previously Dealer Auction (Holdings) Limited). The basis of the Group's joint
control is through a shareholder agreement and an assessment of the
substantive rights of each shareholder, including operational barriers or
incentives that would prevent or deter rights being exercised.
Net investments in joint ventures at the reporting date include the Group's
equity investment in joint ventures and the Group's share of the joint
ventures' post-acquisition net assets. The table below reconciles the movement
in the Group's net investment in joint ventures in the year:
Equity investments in joint ventures Share of post acquisition net assets Net investments
in joint ventures
£m £m
£m
Carrying value
As at 31 March 2023 37.4 11.9 49.3
Share of result for the year taken to the income statement - 2.8 2.8
Dividends received in the year (3.9) - (3.9)
As at 31 March 2024 33.5 14.7 48.2
Share of result for the year taken to the income statement - 3.6 3.6
Dividends received in the year (4.4) - (4.4)
As at 31 March 2025 29.1 18.3 47.4
Set out below is the summarised financial information for the joint venture,
adjusted for differences in accounting policies between the Group and the
joint venture. The table also reconciles the summarised financial information
to the carrying amount of the Group's interest in the joint venture.
2025 2024
£m £m
Non-current assets 93.3 94.5
Current assets
Cash and cash equivalents 6.5 6.8
Other current assets 2.1 2.1
Total assets 101.9 103.4
Liabilities
Current liabilities 4.6 4.4
Total liabilities 4.6 4.4
Net assets 97.3 99.0
Group's share of net assets 47.4 48.2
2025 2024
£m £m
Revenues 16.3 13.2
Profit for the year 7.3 5.7
Total comprehensive income 7.3 5.7
Group's share of comprehensive income 3.6 2.8
Dividends received by the Group 4.4 3.9
12. Borrowings
Non-current 2025 2024
£m £m
Syndicated RCF gross of unamortised debt issue costs - 30.0
Unamortised debt issue costs on Syndicated RCF - (2.3)
Total borrowings - 27.7
Unamortised debt issue costs on the Syndicated RCF decreased to £2.1m in the
year (2024: £2.3m). As £nil drawn of the Syndicated RCF unamortised debt
issue costs are recognised in prepayments
Borrowings are repayable as follows:
2025 2024
£m £m
Less than one year - -
Two to five years - 30.0
Total - 30.0
The carrying amounts of borrowings approximate their fair values.
Syndicated revolving credit facility ('Syndicated RCF')
The Group has access to an unsecured Syndicated RCF. Associated debt
transaction costs total £6.5m, with £3.3m being incurred at initiation and
£3.2m of additional costs associated with extension requests.
With effect from 1 February 2023, the Group entered into an Amendment and
Restatement Agreement to extend the term of the facility for five years from
the date of signing and to further reduce the capacity of the facility to
£200.0m. During 2024 the Group extended the Syndicated RCF by one year to
February 2029, and on 1 February 2025, exercised the second extension option,
extending the term of the facility by a further one year to February 2030.
Until February 2029 the available facility is £200m, reducing to £165m
thereafter due to one lender not participating in the second extension option.
No further extensions are permitted under the current agreement.
There is no change to the interest rate payable and there is no requirement to
settle all or part of the debt before the termination date stated. The
associated debt transaction costs of the second extension were £0.3m, which
were paid in the period.
Individual tranches are drawn down, in sterling, for periods of up to six
months at the compounded reference rate (being the aggregate of SONIA for that
interest period) plus a margin of between 1.2% and 2.1% depending on the
consolidated leverage ratio of the Group. As part of the Amendment and
Restatement Agreement of the Syndicated RCF in 2023, three sustainability
performance targets were incorporated into the agreement (to be tested
annually with 2024 being the first period of testing). The margin shall be
increased or decreased between -0.05% and 0.05% based on the number of
sustainability performance targets achieved in the reporting period. A
commitment fee of 35% of the margin applicable to the Syndicated RCF is
payable quarterly in arrears on unutilised amounts of the total facility.
The Syndicated RCF has financial covenants linked to interest cover and the
consolidated debt cover of the Group:
· Net bank debt to EBITDA must not exceed 3.5:1.
· EBITDA to Net Interest Payable must not be less than 3.0:1.
EBITDA is defined as earnings before interest, taxation, depreciation and
amortisation, share-based payments and associated NI, share of profit from
joint ventures and exceptional items.
All financial covenants of the facility have been complied with through the
period.
Exposure to interest rate changes
The exposure of the Group's borrowings (excluding debt issue costs) to SONIA
rate changes and the contractual repricing dates at the balance sheet date are
as follows:
2025 2024
£m £m
One month or less - 30.0
Total - 30.0
13. Share capital
Share capital 2025 2024
Number Amount Number Amount
'000 £m '000 £m
Allotted, called-up and fully paid ordinary shares of 1p each
At 1 April 907,214 9.2 923,075 9.3
Purchase and cancellation of own shares (22,513) (0.3) (23,711) (0.2)
Issue of shares - - 7,850 0.1
Total 884,701 8.9 907,214 9.2
Under authority passed at the 2024 AGM the Company is authorised to make
market purchases of up to a maximum of 10% (89,654,939) of its own ordinary
shares (excluding shares held in treasury), subject to minimum and maximum
price restrictions. In the year ended 31 March 2025, a total of 23,873,028
ordinary shares of £0.01 were purchased. The average price paid was 783.2p
with a total consideration paid (including fees of £0.9m) of £188.2m. Of all
shares purchased, 1,360,000 were held in treasury with 22,513,028 being
cancelled. In the prior year, 7,849,782 ordinary shares were issued for the
settlement of share-based payments.
Included within shares in issue at 31 March 2025 are 294,600 (2024: 312,831)
shares held by the ESOT and 4,600,897 (2024: 4,899,346) shares held in
treasury, as detailed in note 14.
14. Own shares held
Own shares held - £m ESOT shares reserve Treasury Total
shares
£m
£m
£m
Own shares held as at 31 March 2023 (0.4) (25.6) (26.0)
Repurchase of own shares for treasury - (11.1) (11.1)
Share-based incentives exercised - 5.8 5.8
Own shares held as at 31 March 2024 (0.4) (30.9) (31.3)
Repurchase of own shares for treasury - (10.8) (10.8)
Share-based incentives exercised - 10.5 10.5
Own shares held as at 31 March 2025 (0.4) (31.2) (31.6)
Own shares held - number ESOT shares reserve Treasury Total
Number of shares shares Number of shares
Number of shares
Own shares held as at 31 March 2023 340,196 4,371,505 4,711,701
Transfer of shares from ESOT (27,365) - (27,365)
Purchase of own shares for treasury - 1,496,445 1,496,445
Share-based incentives exercised - (968,604) (968,604)
Own shares held as at 31 March 2024 312,831 4,899,346 5,212,177
Transfer of shares from ESOT (18,231) - (18,231)
Purchase of own shares for treasury - 1,360,000 1,360,000
Share-based incentives exercised - (1,658,449) (1,658,449)
Own shares held as at 31 March 2025 294,600 4,600,897 4,895,497
15. Dividends
Dividends declared and paid by the Company were as follows:
2025 2024
Pence £m Pence £m
per share per share
2024 final dividend paid 6.4 57.3 5.6 51.3
2025 interim dividend paid 3.5 31.1 3.2 29.1
9.9 88.4 8.8 80.4
The proposed final dividend for the year ended 31 March 2025 of 7.1p per
share, totalling £62.5m, is subject to approval by shareholders at the Annual
General Meeting ('AGM') and hence has not been included as a liability in the
financial statements.
16. Cash generated from operations
2025 2024
£m £m
Profit after tax 282.6 256.9
Adjustments for:
Tax charge 93.1 88.3
Depreciation 5.2 4.8
Amortisation 15.5 13.5
Share-based payments charge (excluding associated NI) 9.7 7.5
Deferred contingent consideration - 10.4
Share of profit from joint ventures (3.6) (2.8)
Loss/(profit) on sale of property, plant and equipment - 0.3
Finance costs 1.1 3.5
Research & Development Expenditure Credit (2.3) (0.1)
( )
Changes in working capital (excluding the effects of exchange differences on
consolidation):
Trade and other receivables 0.6 (10.4)
Trade and other payables (3.0) 6.0
Inventory 0.6 1.0
Provisions 0.2 0.1
Cash generated from operations 399.7 379.0
17. Commitments and subsequent events
On 8 January 2025, the Group signed an agreement for lease for its planned new
head office. The 15-year lease is expected to be signed in June 2025. In 2026,
the Group's total depreciation and amortisation charge is expected to be
£22.9m (Auto Trader: £9.0m, Autorama: £0.8m and Group central costs
£13.1m) and interest charges associated with the lease will be £1.7m.
The fit-out of the new premises has substantively commenced and the Group has
incurred costs of £2.6m in 2025 and is committed to incurring capital
expenditure of c.£20m in 2026, the contract for which was signed on 16 May
2025.
Principal risks and uncertainties
Risk POTENTIAL IMPACT CHANGES IN THE YEAR
1. Macro risks In a connected, global industry, we are prone to the impacts of external · Global tariffs are creating economic uncertainty. Whilst Auto Trader is
events around the globe, as are our customers and consumers. We consider there not affected directly by global tariffs, we remain wary of the potential
to be a threat to the short-to-mid-term performance of our business posed by knock-on impacts. Disrupted supply chains, for example, could lead to
external, unpreventable, catastrophic and geo-political events. Such events heightened costs.
could result in our customers being unable to trade, leading to loss of
revenue, stock, audience and market share. · Global tariffs will likely impact our key stakeholders in the short term,
especially OEMs. The tariffs could even have a favourable impact on the UK
automotive industry if OEMs see the UK as an increasingly attractive location
to sell new cars.
· The conflict in Ukraine continues to have knock-on economic impacts in the
UK, and the potential for escalation of conflict in the Middle East remains a
threat to supply routes between Asia and Europe.
· Despite the increasingly uncertain geo-political landscape, we remain
financially resilient to major shocks and incidents. We continue to carry very
low levels of debt, and our Syndicated RCF remains available to us.
2. Automotive economy, market and business environment An increase in the supply and/or a drop in consumer demand for new/used cars · New car supply was stable in FY25 but still below pre-pandemic levels.
could lead to reduced vehicle prices and therefore reduced retailer
profitability. Higher costs and interest rates could lower retailer · Throughout much of FY25, consumer demand exceeded the supply of used
profitability and reduce their advertising spend with Auto Trader. Reduced cars, resulting in fast speed of sale. However, our revenues did not fully
profitability could lead to consolidation of retailers. benefit from this trend because retailers better utilised our slot-based
advertising model.
· Despite the strong demand and low used car supply, year-on-year used
High cost of living and interest rates could affect car buyers' ability to car retail prices were stable throughout FY25. This situation, coupled with
afford a change of vehicle, affecting demand. intense competition for used car inventory and high trade prices, created a
challenging environment for our customers.
· High operating costs, inflation, and high interest rates on stocking loans
Mass adoption of the agency model, whereby manufacturers sell new vehicles put financial pressure on our customers.
directly to consumers with the retailer acting as an agent facilitating the
transaction, could lead to lower revenues for our retailer customers. Further, · Looking to the future, softening of the ZEV mandate targets should help
manufacturers operating an agency model may not wish to use Auto Trader as an with overall new car registrations, supporting used car supply in the future
advertising channel. years.
A move towards agency, combined with other structural changes in the industry,
could lead to the consolidation of retailer forecourts.
3. Legal and regulatory compliance The Group operates in a complex regulatory environment. As we progress in · We do not believe that Auto Trader will be directly or materially impacted
executing our strategy, we are likely to be exposed to increased legal and by the recent Court of Appeal judgment against certain automotive finance
regulatory risks, particularly those relating to financial services and data lenders, which is currently awaiting the result of an appeal heard in April
protection. 2025 to the Supreme Court. We have made the relevant changes in our leasing
journey to disclose and capture consent for commissions. We do not expect
There is a risk that the Group, or its subsidiaries, fail to comply with legal further product changes to be required to Deal Builder but continue to monitor
and regulatory requirements. This could lead to reputational damage, financial the situation closely. Similarly, Auto Trader is not directly or materially
or criminal penalties and impact on our ability to execute our strategic impacted by the current FCA investigation into the discretionary element of
objectives. commission arrangements. We believe that a technology enabled, transparent
process for automotive finance will benefit car buyers, lenders and retailers
under all scenarios.
· Changes to the regulatory landscape in the coming years include: the
Economic Crime and Corporate Transparency Act; the Digital Markets,
Competition and Consumers Bill; and the Data (Use and Access) Bill. Work is
ongoing to ensure that we are compliant with all emerging laws and
regulations.
· Continued scaling of Deal Builder and Leasing will heighten our exposure
to the risks of non-compliance with GDPR and FCA regulations and our
Governance, Risk and Compliance ('GRC') team continues to partner with product
teams to build compliance into the design of our products.
· The regulated entities within the Group continue to comply with the FCA's
Senior Managers & Certification Regime and relevant individuals have been
assessed and certified as Fit and Proper. All employees are subject to the
FCA's Conduct Rules and have received appropriate training and guidance.
4. Competition External measures show that we are maintaining our position as the largest and · Large technology organisations such as Meta, Google, eBay, and Amazon
most engaged automotive marketplace. continue to operate in segments of the automotive sector.
Nevertheless, we remain wary of competitive threats, including big-tech and · Recent competitive developments include TikTok, who recently launched
social media, who could develop products which fundamentally disrupt the car Automotive Ads. In the US, Amazon launched Amazon Autos, and eBay acquired
buying journey, and/or provide superior retailer products. This could lead to Caramel, and we are monitoring the potential for them to expand their presence
a loss of market share. in the UK automotive sector. We also closely monitor the activities of our
traditional competitors.
· Notwithstanding the increasingly complex competitive landscape, we have
maintained our position as the UK's largest and most engaged automotive
marketplace, with over 75% of all minutes spent on automotive classified sites
spent on Auto Trader.
5. IT systems and cyber security As a digital business, we rely on our IT infrastructure to provide our · Our Cyber Security team and Disaster Recovery Forum have continued to
services. A disruptive cyber security and/or business continuity incident monitor the number and severity of incidents and vulnerabilities. We have not
could lead to downtime of our systems and infrastructure. experienced any major or material disruptions or cyber-attacks in the last
year.
· We continuously invest in our cyber defences, for example we are in the
Execution of our strategy also relies on us making appropriate investments in process of rolling out passkeys for employees to authenticate onto their
secure systems and technologies. Failure to invest in appropriate technology machines. We are also in the process of rolling out Mac laptops to all our
and safeguards could lead to us failing to achieve our objectives. employees which will improve the efficiency of employees as well as improve
our security.
· We have reviewed and refreshed our data retention and deletion policies.
Delivery of our strategic objectives relies on us using data to provide This will reduce the amount of data that we hold, reducing the risk of data
valuable insights to customers. A significant data breach, whether because of breaches.
our own failures or a malicious cyber-attack, would lead to a loss in
confidence by the public, retailers and advertisers. · We have migrated from NIST version 1.1 to version 2.0. Our Cyber Security
Forum monitors the maturity of our cyber framework and security remains
central to the design of all our products and services.
6. Employees To enable us to achieve our strategic objectives it is important that we · Our Company values, which were refreshed in FY24, have now embedded
continue to attract, retain and motivate a highly skilled workforce, including fully across Auto Trader and Autorama.
those with specialist skillsets in data and technology.
· In FY25 we evolved our organisational structure. This aims to heighten
collaboration, efficiency, and opportunities for employees. Each Community
has a Leadership Team who have delegated responsibility for operational
Delivery of our strategy is also dependent on us building a diverse, inclusive matters within their Community / Collective.
and representative workforce, a supportive, collaborative culture, and a safe
environment, all of which will enable optimum performance from all our · We also increased the size of our Auto Trader Leadership Team. This
employees. brings further diversity and expertise from around our business, including
additional Product and Engineering skills.
· We have evolved our People Manager Hub to provide additional resources,
tools, and guidance to People Managers. This will empower them to fulfil their
responsibilities and to help develop all of our employees.
· However, across society there is increasing political and societal
polarisation, and this has the potential to affect our employees and
potentially have an impact on our culture. Nevertheless, employee attrition
remains low and engagement remains high. Our Glassdoor rating is 4.6 out of 5.
7. Brand and reputation Our brand is one of our biggest assets. Our research shows that we are the · In line with our ambitions in New Car, in August 2024 we launched a
largest and most trusted automotive classified brand in the UK. Failure to major marketing campaign focused on driving buyers of new cars to our site.
maintain and protect our brand, and/or negative publicity affecting our
reputation could diminish the confidence that retailers, consumers, and · Our Customer Security Team has continued to work proactively to block
advertisers have in our products and services. This could result in a unscrupulous and potentially fraudulent activity on our website. The level
reduction in audience and revenue. of fraud remains low and our Trustpilot rating remains high at 4.7 out of 5.
· We have expanded our use of AI to improve our prevention and detection of
potential frauds and scams, and this will continue to evolve in the coming
years.
· We have continued to work with players in the industry to collectively
fight against unscrupulous behaviours. We work closely with law enforcement to
help them to prevent and investigate potentially criminal behaviour.
· We have reviewed and refreshed our crisis management plans to ensure that
we are well prepared to respond in the event of a major incident.
8. Failure to innovate The automotive industry is changing. Should we fail to innovate our business · We have continued to scale Deal Builder. We now have c.2k retailers
and product offerings, we could lose relevance with our key stakeholders, and c.84k vehicles on this product and feedback remains strong. Our future
including consumers and customers. plans for Deal Builder involve increased marketing to consumers to help
accelerate the uptake of the product.
· We have launched Co-Driver, a suite of customer-facing generative AI
It is crucial that we develop and implement new products, services and products which are designed to help retailers place high-quality adverts
technologies safely and responsibly, and adapt to changing consumer behaviour whilst at the same time reducing the time it takes to place an advert. We have
towards car buying and ownership. also been working with technology partners to enable retailers to use
Co-Driver within their own systems.
· We are investing in the growth of our Product and Tech Community. This
Failure to provide both customers and consumers with the best possible will increase our agility, and the speed at which we can develop and deploy
products and online journey, including an online buying experience, could lead products. Our software development process continues to receive significant
to reduced website traffic and loss of revenue. investment which enables us to design, build, and deploy software quickly,
efficiently, and securely. We have deployed over 89k software releases in the
last year.
9. Climate change The automotive industry is a high contributor to emissions, and so there is · The Labour Government has reinstated the 2030 ban on new ICE vehicles and
pressure from consumers and the Government for the industry to reduce its extended the phase out date for hybrid vehicles to 2035. New EV sales in the
environmental impact. Failure to deliver on our environmental commitments UK accounted for 21% of new car registrations in 2024, below the ZEV mandate's
could negatively impact our brand as a responsible business. 22%. However, OEMs avoided fines by purchasing credits from other OEMs and/or
borrowing credits from future years.
· Fleet purchases drove sales of new EVs in 2024. OEMs applied discounts on
Failure to overcome the challenges caused by the shift from internal new EVs in 2024, and whilst we expect this to continue into 2025, the
combustion engines ('ICE') to electric vehicles ('EVs') could inhibit their softening of the ZEV mandate will provide OEMs with more flexibility in their
take-up. Factors include the purchase price of EVs, potential for improvements transition to EVs.
in public transport, new and expanded emissions zones, increasing taxes on
EVs, and consumer uncertainty over the residual value of EVs. · Price disparity between ICE and EVs remains the primary barrier to
mass-adoption adoption of EVs. Other factors include price inequality between
public and private charging, and the availability and reliability of public EV
charging.
Changing and more stringent regulatory requirements could increase our cost
base. Increased frequency and severity of extreme weather events could lead to · Introduction of Mac laptops to our employees will reduce our own
heightened costs, including costs associated with heating/air conditioning, climate impact.
insurance and cloud infrastructure. Extreme weather events could also lead to
short-term closure of retailer forecourts (for example, due to flooding). · Updated data retention policies will also lower our data storage and
energy usage.
10. Reliance on third parties and partners To achieve our strategic objectives, we are reliant on partners to support · Retailers can use Auto Trader's systems to access our services and data,
certain product initiatives, for example having lenders integrated with our whereas others use third-party technology systems that we have integrated
Deal Builder journey is a key dependency. with. We continue to work with these technology partners to enable our
customers to use our platform capabilities.
· Our strategy remains dependent upon working successfully with a wide
We also rely on third parties to support our technology infrastructure, to range of technology partners and this is a critical focus of our new
supply vehicle data and financing, and in the fulfilment of some of our Professional Services Collective.
revenue generating products. Consequently, it is important that we manage
relationships with, and performance of, key suppliers and strategic partners. · Our Vehicle Check product has successfully rolled out and enables us to
obtain directly from source, rather than via a third party.
· Despite the ongoing geo-political uncertainties over the last year, our
supplier-base has remained resilient over the last year. We have not
experienced any major disruption or downtime arising from suppliers.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR DVLFLEELLBBLRecent news on Auto Trader
See all newsREG - Auto Trader Grp - FULL YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2025
AnnouncementREG - Auto Trader Grp - Holding(s) in Company
AnnouncementREG - Auto Trader Grp - Appointment of Independent Non-Executive Directors
AnnouncementREG - Auto Trader Grp - Transaction in Own Shares
AnnouncementREG - Auto Trader Grp - Transaction in Own Shares
Announcement