Nathan Coe
CEO & Executive Director

Good morning, everyone, and welcome to the full year ended 31st of March 2026. Today, with myself and Jamie [indiscernible] Q&A in the room.

We anticipated trading this year to be tougher as a result of profitability challenges for retailers, a shortage of stock in some age cohorts and fast speed of sale. Retailer profitability was more than we expected due to a combination of new car profitability in part due to the ZEV mandate and cost increases following the government budget last year. This led to intense scrutiny on every cost in their business with many stories of profit declines, redundancies and store portfolio restructures.

The pressure on retailer profitability is most acute in November and December, which combined with feedback on our accelerated rollout of Deal Builder. This was amplified across social media, including some factual inaccuracies, which was since clarified for customers.

Following this period, we have seen higher cancellation levels than in previous years, which has impacted both FY '26 and the run rate into FY '27. However, despite these challenges, we have continued to grow revenue, profit and earnings per share. Perhaps more importantly, retailer numbers, stock and upsells have all been growing since the end of the financial year, so we are past the low point.

Furthermore, the core metrics