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  "documentTitle": "Auto Trader Group | Results Presentation Deck | 34 slides",
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      "text": "consistent trading throughout October; the recurring nature of our revenue and delivering our main growth initiatives in the first half of the year; the fact that our financial performance in the first half was achieved despite changing economic circumstances; a belief that Auto Trader margins can be maintained at 70%.",
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      "text": "The Board has confidence for the second half of the year due to:",
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      "text": "As per our previous outlook statement, we still anticipate average retailer forecourts to be marginally down year-on-year. However, we now expect stronger ARPR, with the full year growth rate likely to be slightly above that achieved in H1, with the stock lever flat for the full year. Auto Trader’s operating profit margin for the full year is expected to be in line with financial year 2022. This outlook takes account of the Webzone disposal (see post balance sheet events). Autorama is likely to make an operating loss of c.£11m for the full year, with continued supply challenges across all vehicle types resulting in lower delivery volumes. Group central costs will be c.£45m, largely made up of the Autorama deferred consideration.",
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      "text": "The outlook for future years is necessarily more uncertain, however the used car market is far less cyclical than the new car market and new car registrations are expected to recover, currently being at their lowest level in 30 years. We believe that there are significant opportunities for Auto Trader to grow revenue at high margins through our price and product levers and will continue to bring more of the car buying journey online through Deal Builder and Autorama. We will be disciplined on priorities, costs and capital allocation ensuring we continue to manage the business responsibly.",
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