Half Year 2020 Auto Trader Group PLC Earnings Call Transcript
Good morning, everyone, and welcome to Auto Trader's Half Year Results through the 30th of September 2019. Before handing over to Nathan and the team, I thought given this will be my last results as the Chief Executive of the company, I'd take this chance to make 3 high-level observations about the business that come through clearly in these results. Firstly, the core foundations of the Auto Trader business, which drives over 85% of our revenue, remain absolutely rock solid. Our market position and competitive moat remain strong, indeed have become somewhat stronger. Our customer base of retailers are growing despite tougher market conditions. Our strength in pricing remains, and our product innovation continues as can be seen through the results of our April 1, pricing event this year. We remain able to innovate despite keeping our cost base predominantly fixed. And of course, we have a very high return of cash flow to investors with almost 0 capital tied up.
Secondly, whilst there's understandable pressure on revenue from
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