By Christian Moess Laursen
Auto Trader Group said Thursday that fiscal 2023 pretax profit fell slightly on operating costs, although revenue rose on strong retailer revenue, and named Greggs's Matt Davies as chairman designate to replace Ed Williams.
The London-listed digital automotive marketplace said pretax profit fell to 293.6 million pounds ($365.3 million) in the year ended March 31 from GBP301.0 million in fiscal 2022, mainly due to operating costs increasing 70% to GBP225.1 million.
Revenue grew to GBP500.2 million from GBP432.7 million a year prior, driven by an increase in retailer revenue of 10% to GBP406.8 million
Based on analysts' polls taken from FactSet, the company was expected to post pretax profit of GBP271.6 million and revenue of GBP498.8 million.
The company said it has appointed Davies as chairman designate, effective July 1, to succeed Williams, who will retire Sept. 14. Davies is currently chair at Greggs, and he has previously held roles as chief executive at Pets at Home, Halfords and Tesco UK&ROI, the company said.
For fiscal 2024, the company said it expects another year of retailer revenue growth and a similar average revenue per retailer growth rate as seen fiscal 2023, although a slight fall in retailer numbers due to the disposal of Webzone.
Auto Trader increased its final dividend to 5.6 pence a share from 5.5 pence a share in fiscal 2022, bringing the total dividend for the year to 8.4 pence a share, up from 8.2 pence.
Write to Christian Moess Laursen at christian.moess@wsj.com
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June 01, 2023 at 01:30PM
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