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Trading statements

Pendragon expects in line FY performance

28 April 2016 07:52

Pendragon expects its FY 2016 performance to be in line with expectations, adding it foresees the growth rate in the new vehicle market slowing but the underlying market dynamics in used and aftersales remaining strong.

HIGHLIGHTS:

• Our underlying profit before tax increased by 8.7%.

• Like for like gross profit increased across all our main vehicle sectors of aftersales, used and new, due to a combination of market dynamics, our customer initiatives and our clear strategy.

• Aftersales gross profit increased by 1.2% on a like for like basis.

• Used gross profit increased by 4.2% on a like for like basis.

• New gross profit increased by 15.2% on a like for like basis.

• Online visits to Stratstone.com and Evanshalshaw.com increased by 18.5% in the period.

• In the period we opened three stores in Bristol, Norwich and Peterborough, all new territories for us. We will acquire further sites this year to supplement our national footprint.

• Our target debt : underlying EBITDA ratio continues to be significantly below our target range so we are assessing the best use of funds.

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Related Company: PDG

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