- Autotrader Group
- 05 November 2026 10:09:11
Source: Sharecast
In the six months to the end of December, pre-tax profit fell 4% to £191.2m, with revenue down 1% to £313.4m. Group operating profit nudged 1% lower to £198.5m.
Revenue excluding vehicle & accessory sales increased marginally to £301.8m from £301.2m in the same period a year earlier, while retailer revenue was 1% lower at £250.8m as the company started the year with both lower retailer numbers and paid listings.
Autotrader said retailer forecourt numbers improved through the half, to 13,000 at the end of September from 13,600 at the end of March, having lost more retailers than usual between November 2025 and January 2026.
For the full year, Autotrader - which is transitioning from a listings marketplace into an active, AI-powered platform - said it continues to expect group operating profit of between £395m and £415m, with accelerating revenue growth in the second half.
Chief executive Nathan Coe said: "Our first-half performance reflects the resilience of our business and the strength of our trusted brand with UK car buyers, who spend 12 times more time on Autotrader than our nearest competitor.
"I'm excited by the transformation underway as we evolve Autotrader into an AI-native platform. We believe AI represents a once-in-a-generation opportunity to improve how consumers buy cars and how retailers and manufacturers operate, delivering even greater value for all. By combining our unique proprietary data with AI through Autotrader Intelligence, we're delivering workflow improvements and new tools for retailers, enhanced experiences for consumers, whilst further strengthening our competitive position.
"With the first half in line with our expectations and accelerating revenue growth in the second half, we remain confident in our outlook for the full year, as well as our long-term ability to deliver value for car buyers, customers and shareholders."
At 1000 GMT, the shares were down 3.4% at 551.20p.
Broker Peel Hunt, which rates the shares at 'buy' with a 630p price target, said: "Even though H1 growth was more subdued, we expect an improvement in H2. Our top-line adjustment reflects management’s deliberate decision to hold fewer vehicles on balance sheet for Autorama, rather than any change to our underlying expectations for the business. With more muted momentum in FY 27, we see prelims as the next key catalyst, when we expect to get a clearer view on pricing for the new year, which we believe could drive meaningful growth acceleration.
"Nevertheless, the shares trade on a muted 13x NTM PE, around a 30% discount to peers. While AI disintermediation remains a concern for investors, we believe the risk is limited and expect further AI developments within the business to be showcased today."
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