Autotrader results fail to lift shares

Shares in FTSE 100 automotive marketplace Autotrader (LON:AUTO) fell by 2.24% to 514p (as of 9:40 BST) after the firm posted results for the year ended 31st March. The company’s pre-tax profits for the year increased by 4%, including one off benefits from the sale of a joint venture, but no final dividend will be paid due to uncertainties around the COVID pandemic.

CEO Nathan Coe commented: “We are pleased with our achievements in the past financial year, however we recognise these have been well and truly surpassed by the events of the past few months. Through this time, we have been absolutely committed to supporting our people and customers in the face of the most challenging conditions ever experienced by our company or industry.

“Since the early stages of the pandemic we have endeavoured to act decisively and responsibly to ensure we and our customers could emerge in as strong a position as possible when the crisis passes. We’ve been encouraged by the strong initial bounce back in used car demand, and whilst the short-term outlook remains uncertain, we believe the case for moving more of the car buying process online is stronger than ever. We are looking forward to making this a reality with our customers in the years ahead.

“We would like to take this opportunity to thank our people for their unwavering commitment and support, and our customers for their trust in us through these most trying of times“.