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Auto Trader revenues have surged thanks to more used cars being advertised on its website at higher prices, but rising costs have dented its profit. <br>The FTSE 100 company posted a 16 per cent rise in revenues to £249.8million in the six months to the end of September, but pre-tax profit fell 1.3 per cent to £148million.<br>It said the number of used cars being advertised on its website soared 5 per cent as supply improved slightly compared to last year, but listings of new cars nearly halved due to ongoing supply chain problems.<br>Overall, physical car stock on its platform rose by just 1 per cent.<br>      (image:  )    Auto Trader increased the number of car retailer forecourts advertising on its platform<br>With supply of cars remaining tight and the cost of living crisis hitting demand, monthly visits decreased by 10 per cent as potential car buyers also spent less time browsing.<br>However, the average number of retailer forecourts advertising on its platform increased by 2 per cent to 14,161.<br>And car dealerships spent on average £2,404 per month to advertise their cars on its website, an increase of £205 compared to last year. <br>  RELATED ARTICLES              Share this article Share  Auto Trader said this was thanks to higher prices as well as the introduction of premium packages allowing retailers to sell outside of their local areas and to boost their visibility via 'pay-per-click campaigns'.<br>'We saw strong levels of product growth driven by further uptake of our prominence products', the company noted. <br>'More customers bought our data products in the period, making use of our real-time pricing data,' it added.<br>The group was upbeat about the second half, given it managed to grow revenues in the first half despite the worsening economic backdrop 'resulting in lower audience, continued low live stock volumes and weak used car transactions'.<br>  But the company said it expects full-year profit to be in line with expectations and hiked its interim dividend by 0.1p to 2.8p.<br> fell in early trading, but had bounced back by mid-afternoon to stand 2.5 per cent higher at 567.60p by 2:30pm. <br>Chief Executive Nathan Coe said: 'Our first half results demonstrate the strength of our position with car buyers and the depth of partnership we are building with customers.<br>'Achieving this in a period impacted by high levels of economic uncertainty is a credit to both our people and customers, and provides confidence in navigating the rest of the year.'<br>Auto Trader bought leasing specialist Autorama earlier this year, but sold off its Carzone marketplace last month, as the car sector continues to undergo a period of consolidation.<br>  #fiveDealsWidget .dealItemTitle#mobile display:none #fiveDealsWidget display:block; 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Friday, November 11, 2022

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