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Digital automotive marketplace Auto Trader resumed its dividend despite reporting lower annual profit as trade revenue was dented by the company's decision to provide free and cut-price advertising to retail customers.
For the year ended 31 March 2021, pre-tax profit fell £157.4 million as revenue slipped 29% to £262.8 million year-on-year.
Trade revenue was down 31% to £225.2 million, as a 'result of the decision to provide free advertising to our retailer customers in April, May, December and February and at a discounted rate in June,' the company said.
Average revenue per retailer declined by 32% to £1,324.
The company proposed a final dividend of 5.0 pence per share.
In the year ahead, the company expects to deliver high single digit growth on FY20 average revenue per retailer and operating profit margins that are in line with FY20, which is the year ended March 2020.