Auto Trader rides high with used car sales and Nationwide profits surge as Hollywood Bowl achieves growth

Auto Trader says the UK car market is in good health, despite a tough year of high interest rates. It saw a five per cent rise in car listings and strong demand for used vehicles across its platform. Fleet sales helped boost the new car market, with stable used car prices over the year. Annual profits rose eight per cent to nearly £377 million, as website visits hit a record high.

Nationwide profits jump 30 per cent: More Business in Brief

• Nationwide has posted a 30 per cent rise in annual profits after what it called an “outstanding” year. Pre-tax profits hit £2.3 billion, boosted by its takeover of Virgin Money. Underlying profits dipped slightly as it focused on offering better rates to customers. The mutual also returned a record £2.8 billion to members in rewards.

• Nvidia has posted strong growth, doubling sales to over £32 billion despite US-China trade tensions. First-quarter results beat expectations, with sales hit only partly by export controls. It expects £35.5 billion in revenue for the next quarter, despite the China issue. The chip giant lost £2 billion in China sales in the first quarter due to the restrictions.

• Hollywood Bowl posted record half-year revenues of £129 million, up 8.4 per cent on last year. It saw growth in both the UK and Canada, despite Easter timing and other impacts. Profit dipped slightly, but investments in new sites and refurbishments are paying off.

• Red Funnel has announced a “new era” of electric ferries, with plans to launch a zero-emissions vessel next year. The high-speed craft, built with Artemis Technologies, uses hydrofoils to glide above the water. It carries 150 passengers and cuts carbon by up to 3,700 tonnes a year. The ferry will recharge at each stop and cost around £10 to £12 million to build.