BCA Marketplace has reported a 28.8% rise in revenues as the growth of WeBuyAnyCar.com and growing auction volumes took effect in the six months to October 1.
Revenue fdor the group rose to £1.17 billion (2016: £909.8 million) as operating profit rose 21.7% to £40.9 million (2016: £33.6m) after amortisation of acquired intangibles of £20 million (2016: £18.7m).
Adjusted EBITDA of £75.8m was up 17.5% on 2016’s £64.5 million, meanwhile.
Avril Palmer-Baunack, Executive Chairman said: “Against the changing landscape of the European automotive and transportation sector, I am very pleased with the first half performance, which was at the upper end of market expectations. BCA continues to grow and go from strength to strength.
“In particular, UK Vehicle Buying reported strong growth as greater numbers of customers used webuyanycar.com to value and sell their vehicle. Pleasingly, repeat customers now represent over 10% of WeBuyAnyCar’s volume and this repeat business continues to grow.”
BCA Marketplace’s UK vehicle remarketing operations increased revenues from 333.1 million to 456.7 million in the reported period as volumes exceeded half a million units, reaching 512,000, up 6.9% on the same period in 2016.
Revenue per vehicle rose by 28.3% to £892 as overall operating profit rose by 13.9% to £31.9 million.
The business’ international vehicle remarketing volume of 175,000 units represented a 4.2% increase, meanwhile.
WeBuyAnyCar sold 107,000 units, an increase of 13.8%, the group reported, as reveues rose 14.9% to £444.9 million.
BCA Partner Finance also continues to add liquidity and buyer demand in the marketplace, BCA said it its statements.
The number of units financed through the platform has grown throughout the period and penetration has increased to 11.3% of all BCA vehicles sold in September 2017 (September 2016: 7.9%), resulting in a loan book of £123.7 million (2016: £79.4m).
BCA Marketplace said: “This product is an integral part of our proposition to dealers and we have expanded the product offering to include the financing of part exchange vehicles for selected BCA Partner Finance customers along with our new dedicated auction sales programme for our partners.”
During the period to October 1 BCA Marketplace made a number of changes to its UK operations.
A newly expanded Manchester auction site opened in September 2017 with five auction halls and a new centralised operational headquarters for the BCA Logistics business was also created, helping to co-ordinate the growing Inspect and Collect, and consumer valuation product to OEM captive finance, leasing, rental and corporate customers.
Palmer-Baunack said: “Our expanded Automotive Services offering has performed well overall through increased de-fleet, refurbishment, logistics and linked services. Integration of the acquired businesses has resulted in our own transporter fleet now providing one-third of all auction vehicle movements for our UK Remarketing division, driving internal efficiencies. The structures and capabilities we have put in place have made the Group stronger, more service orientated, agile and efficient.”
Markets analyst Mike Allen of Zeus Capital, said that BCA had performed “above expectations”. He added: “The trading outlook is positive, with the H1 performance at the upper end of management expectations.
“Management remain confident in hitting full year expectations, and we continue to believe BCA is well positioned from an organic growth, operational efficiency as well as M&A perspective if the right opportunities come along.”