Auto Trader Group plc Supporting Our Customers and Current Trading (6891K)
January 06 2021 - 1:00AM
UK Regulatory
TIDMAUTO
RNS Number : 6891K
Auto Trader Group plc
06 January 2021
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
6 January 2021
AUTO TRADER GROUP PLC
SUPPORTING OUR CUSTOMERS AND CURRENT TRADING
Auto Trader Group plc (LSE: AUTO, "Auto Trader" or the
"Company"), the UK's largest digital automotive marketplace, today
provides an update as a result of the ongoing COVID-19
situation.
Supporting our customers
The Government's announcement on 4 January increased the level
of COVID-19 restrictions across the UK and has once again forced
all car retailers to close their showrooms.
In the third quarter of our financial year (October to December
2020), demand for car buying has remained strong, with visits to
our marketplace 20% above prior year levels. Despite this demand,
we do expect sales volumes to be impacted in January and
February.
We have consistently supported our customers throughout the
pandemic, and will again offer our support to them by providing our
advertising packages for free during February. We will also extend
payment terms for their January invoice.
Current trading
As reported in our first half results on 5 November, the
business recovered well through our second quarter and we have seen
continued improvement in customer numbers and stock on site through
the third quarter to December. Despite the underlying positive
momentum of KPIs, being free for customers in December 2020 and
February 2021 will result in a GBP5-7m operating loss for each
month in which we are free.
The Group's balance sheet remains strong. At the end of
December, we had drawings of GBP45m on our GBP400m revolving credit
facility and remain substantially below our covenant requirements
for both debt and interest cover.
Media Enquiries:
Powerscourt +44 (0)20 7250 1446
autotrader@powerscourt-group.com
About Auto Trader
Auto Trader Group plc is the UK and Ireland's largest digital
automotive marketplace. Auto Trader sits at the heart of the UK's
vehicle buying process and its primary activity is to help vehicle
retailers compete effectively on the marketplace in order to sell
more vehicles, faster. Auto Trader listed on the London Stock
Exchange in March 2015 and is now a member of the FTSE 100
Index.
The marketplace brings together the largest and most engaged
consumer audience. Auto Trader has over 90% prompted brand
awareness and attracts circa 57 million monthly cross platform
visits each month, with over 80% of visits coming through mobile
devices.
For more information, please visit
https://plc.autotrader.co.uk/
Market Abuse Regulation: Auto Trader Group plc Legal Entity
Identifier: 213800QLK9BZILB1DI86. Notification by Claire Baty,
Company Secretary
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END
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