29th Nov 2018 09:43
LONDON (Alliance News) - WeBuyAnyCar parent BCA Marketplace PLC on Thursday said continued volume and price growth in its vehicle remarketing and buying units resulted in a 31% year-on-year rise in first half profit.
The car auctions company added that new vehicle emissions tests will restrict supply of new vehicles in the second half, but the business remains confident on delivering its profit and growth targets.
For the six months to September 30, the company recorded pretax profit of GBP45.7 million, up from GBP34.9 million in the year ago period. Revenue jumped 22% to GBP1.43 billion from GBP1.17 billion, driven by higher volumes and higher average vehicle prices in the remarketing divisions, outsourced remarketing contracts, and in the vehicle buying division.
First half group adjusted earnings before interest, taxes, depreciation and amortisation increased 13% year-on-year to GBP85.4 million from GBP75.8 million.
The UK vehicle remarketing unit posted revenue of GBP581.6 million versus GBP456.7 million a year ago. The vehicle buying unit also recorded GBP581.6 million in revenue versus GBP467.8 million.
BCA Marketplace said it does not expect Brexit to significantly impact the company's ability to conduct business in the short to medium term, aside from the impact on consumer confidence and the movement of vehicles, parts and automotive supplies into and out of the markets in which the company operates.
The company has lifted its interim dividend by 15.4% to 3.0 pence per share from 2.6p paid a year ago. Shares were trading 2.0% lower at 216.50 pence each Thursday morning in London.
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