Like a passenger in the back of a Bentley Continental, shareholders in Auto Trader have enjoyed a smooth ride since it debuted on the stock market in 2015 (Simon Duke writes). The online bazaar for used and, more recently, new cars has cruised into the ranks of Britain’s 100 most valuable quoted companies.
Half-time numbers yesterday offered a demonstration of its skill in moving through the gears. Brexit uncertainties and the backlash against diesel have cast a pall over the broader car market, but there is scant trace of this in Auto Trader’s first-half report. Revenues rose 6 per cent to £187 million in the six months to the end of September, with pre-tax profits jumping 12 per cent to £128 million.
The company has