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Annual Results

Pendragon eyes future growth as FY pretax profit slips

14 February 2017 09:35

Pendragon has booked a FY pretax profit of £73.0m, from a profit of £79.0m a year previously, and flagged an in-line performance for FY 2017.

Its FY 2016 result was achieved on revenue of £4.54bn, from £4.45bn. Total dividend was 1.45p a share, from 1.3p. Pendragon said it planned to maintain a progressive dividend approach going forward.

"Future growth will be driven by our initiatives, our investment in additional physical capacity for used car sales and by our strategic advantages in IT and intellectual property," said CEO Trevor Finn.

He believed Pendragon could achieve at least double-digit growth in used revenue in 2017 and its aspiration over the next five years was to double its used-vehicle revenue.

"In order to test this, during the final quarter of 2016 we invested in inventory and adjusted our algorithms and marketing initiatives with a view to driving growth in used vehicle activity levels to test the capacity of our current footprint," said Finn.

"The early results of this are very encouraging. Our growth in used vehicle revenue on a like for like basis in January 2017 exceeded the increase required to achieve our growth aspirations.

"We anticipate our performance for 2017 will be in line with expectations."

At 9:35am: (LON:PDG) Pendragon PLC share price was -1.25p at 34p

Story provided by StockMarketWire.com

Related Company: PDG

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