Revenue and Profit Growth
Group revenue increased 4% to GBP 585.3m and total group operating profit increased 4% to GBP 392.7m (Auto Trader core operating profit GBP 408m); operating margins remained stable (Auto Trader ~70%, group ~63%).
Earnings Per Share and Cash Generation
Earnings per share rose 8% (benefitting from accelerated share buybacks) and cash generated from operations increased 5% to GBP 418m.
Capital Returns and Updated Allocation Policy
Accelerated buybacks: 58.5m shares acquired (6.6% of issued share capital) for GBP 369.1m; Board expects to return over GBP 1bn across FY26–FY27 and plans ~GBP 500m more buybacks in the year, while maintaining ~1/3 of net income as dividends (FY dividend +9%, final dividend 7.8p).
Average Revenue Per Retailer (ARPA) Improvement
Average revenue per retailer increased 5% to GBP 2,995/month, driven by pricing (GBP 117 contribution) and product (GBP 72 contribution), notably Co-Driver inclusion.
Audience Strength and Market Position
Audience remained strong: stable 9m+ unique visitors/month, 81.7m cross-platform visits/month, 548.3m minutes/month; consumers spend ~11x more time on Auto Trader than nearest marketplace and 6x more than main competitors combined; 67% of audience unique to Auto Trader.
AI and Product Progress
Significant AI/product investment: 400-person product & tech team, 50+ proprietary AI models, Co-Driver suite live, Buying Signals added to ~800,000 inquiries, Deal Builder penetration and deals have more than tripled year-on-year, specialized search filters used by 100,000+ people/day.
Autorama Traction
Autorama revenue GBP 39m with 8,056 deliveries (delivery volume from Auto Trader >3x prior); average commission/ancillary revenue per unit GBP 1,167; operating loss narrowed to GBP 2m and management expects Autorama to make a small profit in FY27 with commission growth guided +8–12% and vehicle/accessory sales ~GBP 40m.
FY27 Outlook and Guidance
Group operating profit guidance of GBP 395–415m for FY27, expectation of at least high-single-digit EPS growth (with continued buybacks), and maintained operating profit margins (ex vehicle/accessory sales).