Autotrader surges upwards as sales shift gear
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Digital marketplace operator Autotrader (LON:AUTO) reported a rise in revenues of 7% for the year ended 31st March, as the number of listings on its sites continued to tick up. Profits before tax also climbed by 10% to £210.8 million due to tighter cost controls and a greater uptake of the firm’s digital products.
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Management said that the current financial year had started well, but warned that there may be a slowdown in the coming year as lower sales of new cars are likely to lead to a decline in used models entering the secondary market. For the moment, investors remain bullish and the share price accelerated ahead by 8.90% to 385.90p as at 1230 BST.
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