Categories : Auto Repair

 
Shares in Auto Trader drive 2% greater as profits speed up thanks to growth in car market and …

Shares in Automobile Trader increased more than 2 per cent today after Britain’s leading website for purchasing and offering cars saw annual earnings speed up. The group said its profits increased by 19 percent to ₤ 171.3 million in its complete year to the end of March thanks to growth in both brand-new and used automobile markets and easy credit financing alternatives readily available to purchasers. The FTSE 250-listed company, which floated on the London Stock market in March in 2014, stated enhanced advertising earnings improved sales, with turnover rising by 10 percent to ₤ 281.6 million, from ₤ 255.9 million. It also saw its financial position strengthen as it reduced its financial obligation mountain by ₤ 135.3 million to ₤ 392.6 million. Thanks to the financial obligation enhancement and its strong results, Car Trader announced it was releasing a share buyback program with immediate result, with most of surplus cash left after dividends have actually been paid to be gone back to shareholders. The group also stated a final dividend of 1.0 p per share, meaning its total annual payment will be 1.5 p. In reaction, Automobile Trader shares were 1.9 per cent, or 7.6 p greater at 410.1 p around lunch break. President Trevor Mather stated: ‘We are delighted with the development that the group has made in its very first full year as a public company. ‘The new fiscal year has started well, and the board is confident of delivering continuous improvement in both our consumer and merchant options, in addition to our overall efficiency in the coming year.’ More than 400,000 vehicles are noted every day and Auto Trader’s site plays a part in the sale of 65 percent of all utilized vehicles in the UK, with over 80 percent of all UK car dealers marketing with the group. The final print edition of Car Trader rolled off journalisms in June 2013 as business changed strategy, becoming a 100 per cent digital operation. The business’s value has skyrocketed given that Guardian Media Group, the owner of the Guardian and Observer papers, offered its 50.1 percent stake in 201 …
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“> See all stories on this topic PLAY NEXT 4 child raccoons were found nestled in the engine of a vehicle by a professional at a dealer in Texas. The infants tried to find shelter from the …
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