Since the companies IPO in March Auto Traders stock has increased by nearly 40%.

Auto Trader PLC (LON:AUTO), the UK online car sales platform released its half year trading results this morning highlighting positive revenue growth of 8% and underlying profit up 17%.

The company saw revenue of £138.2 million up from £127.5 million in H1 2015, a solid 8% increase whilst underlying operating profit was at £83.0 million in comparison to £70.8 million in H1 2015. The company also announced its maiden interim dividend of 0.5 pence per share to be paid to investors in January 2016.

Trevor Mather, Chief Executive of Auto Trader Group plc, said:

“Auto Trader has delivered a strong first half performance, as retailers, consumers and manufacturers alike are increasingly recognising the value of our marketplace.

“We continue to grow our audience of car buyers and develop products to add value to our retailers, helping them remain competitive and make informed decisions based on real-time market data, allowing them to buy and sell the right stock at the right price.

“We believe there is substantial opportunity to grow the business based on the increasing importance of the internet for automotive advertising, and the growing use of data to improve the efficiency and effectiveness of the industry.”

Auto Trader saw audience growth continue to be fueled through the use of smartphones and tablets, with roughly 70% of its visitors using mobile devices in September 2015 up from 64% in September 2014.

The the group noted that now 50% of consumers visit only one forecourt prior to buying their next vehicle with the majority of buyers now conducting research online which has developed the need for retailers to promote their stock through online mediums as consumers have already narrowed their search by the time they choose to visit a forecourt.

The company cited buoyancy in the wider economy as benefiting both the new and used car markets which has helped grow the Group’s marketplace. Auto Trader has seen 43 consecutive months of growth, boosted by new car registrations in the UK reaching their highest-ever September total with over 462 thousand units.