Higher car sales, prices drive BCA interims

29th Nov 2018 08:01

(Sharecast News) - Increased sales and higher average prices helped drive car auctioneer BCA Marketplace's first-half pre-tax profits, the company said on Thursday.Interim pre-tax profit rose 30.9% to £45.7.9m as revenue rose 22% to £1.43bn. The Interim dividend was lifted 15.4% to 3.0p a share.Revenue was supported by higher volumes and average prices and an increase in the number of vehicles sold under outsourced remarketing contracts in the UK Vehicle Remarketing division."The number of vehicles sold through our UK Vehicle Remarketing division has continued to grow, with volumes up 3% from strong growth in WeBuyAnyCar, alongside continued OEM and dealer wins, although supply from corporate, leasing and OEMs has been constrained due to lower new car registrations," said executive chairman Avril Palmer-Baunack."This has resulted in strong used car pricing and demand from remarketing buyers."Palmer-Baunack said the automotive services division experienced a "very challenging environment" after the introduction of emissions tests."We anticipate that the impact of Worldwide Harmonised Light Vehicle Test Procedure will continue to restrict the supply of new vehicles in the second half, although due to our multi-channel and multinational business we remain confident that we can continue to deliver our profit and growth targets," she said.