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Interim Results

Pendragon's H1 pretax profit down 31.3%

02 August 2016 07:43

Car dealer Pendragon's H1 pretax profit had dropped 31.3% to £41.8m, from £60.8m. It expected its FY performance would be in line with expectations.

Revenue rose to £2.33bn, from £2.29bn. Interim dividend was 0.7p a share.

CEO Trevor Finn commented:

"The business continues to perform strongly with underlying profitability up by 9.7%, as we achieved a near doubling of profitability in three years. The underlying trends in the after-sales and used vehicle markets provide a strong tailwind.

"Our performance is due to our focused strategy, the online growth of our brands and strong processes, helped by the launch of 'Move Me Closer' and 'Sell Your Car'.

"Whilst the UK's decision to exit the EU has caused some uncertainty, to date we have not experienced any noticeable change in our customers' behaviour and, based on discussions with our franchise partners, we do not anticipate any material effect on new vehicle pricing as a result of exchange rates.

"We anticipate our performance for 2016 will be in line with expectations."

Story provided by StockMarketWire.com

Related Company: PDG

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