BCA Marketplace has “exceeded expectations” with a set of interim results which revealed an increase in UK remarketing revenues of 23.5% during the sixth month period to September 30.

Group-wide revenues rose by 22% to £1.43bn during the reported period as higher volumes, higher average vehicle prices in the remarketing divisions and outsourced remarketing contracts all drove growth.

EBITDA was 12.7% up, meanwhile, and 3% ahead of BCA Marketplace’s forecast result.

Markets analyst Zeus Capital said, in a statement following the results, that BCA’s interim results had “once again demonstrated strong growth across the board and exceeded our expectations”.

It added: “This was despite the impact of WLTP, which restricted new vehicle supply, and we believe these results are testament to the quality and resilience of the business model.

“The key positives behind this was UK Vehicle Remarketing and lower group costs, with International Vehicle Remarketing and WBAC performing broadly in line, while the Services business was behind our forecasts due to the supply pressures.

“Adjusted PBT growth was higher than EBITDA and 6% ahead of our forecasts aided by lower than expected interest costs. Adjusted EPS was 5% ahead of our forecasts and +18.5% YOY, which we believe shows impressive growth given the current market backdrop.

“The interim dividend was in line with our forecast and +15% YOY, which we believe is a reflection of the board’s confidence in the future.”

BCA reported that its digital, data and valuation products had delivered strong growth with a 20% increase in BCA Dealer Pro registered dealers and Dealer Pro valuations in the period.

BCA Partner Finance, meanwhile, provided funding for £0.5 billion of vehicle purchases in the six months to September 30.

Avril Palmer-Baunack, BCA Marketplace’s executive chairman, said: “Performance and progress in the first half has been good.

“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. This has resulted in strong used car pricing and demand from remarketing buyers.”

She added: “BCA won Motor Trader's Remarketing Company of the Year Award for 2018 reflecting its pre-eminent position with vendors and buyers.

“We continue to drive efficiencies through modernisation of systems and processes, successfully running our first paperless vehicle entry auction in the period.

“Synergies from deploying the BCA Automotive transporter fleet on auction vehicle movements progressed with 49% (2017: 40%) moved by our own transporters.”

Palmer-Baunack admitted that the implementation of the Worldwide Harmonised Light Vehicle Test Procedure (WLTP) and the Real Driving Emissions (RDE) test regulatory changes had led to an expected dislocation in new car markets through constrained supply during the reported period. She said: “The testing delays have resulted in fewer ex-factory vehicles requiring technical services, pre-delivery inspections and new car transportation.

“The shortage of vehicles has delayed fleet operators' replacement cycle, suppressing the number of vehicles requiring end of lease refurbishment.

“The effect of WLTP has primarily impacted the Automotive Services division in the period and will diminish as new testing procedures become established.

“We anticipate that the impact of WLTP 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."