30th Nov 2016 08:45
LONDON (Alliance News) - BCA Marketplace PLC, the owner of the British Car Auctions used-vehicle exchange, on Wednesday said it swung to profit in the first half of its financial year due to a lack of one-off charges, as acquisitions and strong trading caused its revenue to surge.
BCA said it made a pretax profit of GBP26.7 million in the six months to October 2, compared to a GBP5.1 million loss a year before when it booked costs related to its listing in London in April 2015.
Stripping out those one-off costs and exceptional items booked on acquisitions, adjusted earnings before interest, tax, depreciation and amortisation were up to GBP64.5 million from GBP49.2 million the year before.
Revenue rose to GBP909.8 million from GBP546.3 million, up 66% thanks to the acquisition of Paragon Automotive and amid strong trading in the business. UK vehicle re-marketing volumes were up 8.4% year-on-year to 479,000 units in the first half, while international re-marketing volumes rose 5.7% to 168,000 units.
BCA's WeBuyAnyCar business sold 94,000 units, up 13% year-on-year, while its Partner Finance division increased its market share. BCA added it has continued to develop its inspection, valuation and imaging systems.
The group declared an interim dividend of 2.20 pence per share, up 10% from the 2.00p paid a year prior.
"I am delighted by the continued progress being made throughout the business as we broaden our offering across the range of vehicle services and there remain opportunities for further expansion in both the UK and continental Europe in line with our stated strategy," said Executive Chairman Avril Palmer-Baunack.
"The second half to date has continued to perform well and in line with our expectations and we remain confident that we can continue to deliver our profit and growth targets," Palmer-Baunack added.
Shares in BCA were up 3.9% to 188.75p on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
BCA