Profit before tax has jumped by over 800% at Pendragon, the Nottingham-headquartered car retailer, during Q3 of its financial year.
Underlying profit before tax at the company grew to £27.3m, up from £3m in Q3 2019.
Like-for-like group revenue however was down 1.2% (-13.8% total reported).
Pendragon said that it had “delivered a very strong Quarter 3 performance,” noting the profit in the quarter has almost entirely offset the losses incurred during the first half as a result of Covid-19, with the year to date underlying loss before tax reduced to £3.6m, in comparison to £31m after the first two quarters.
Bill Berman, Chief Executive of Pendragon, said: “I would like to thank all our associates who have shown great professionalism in responding to the changing operating environment during the period and their hard work has been absolutely critical to our success.
“We are very pleased with the performance during the quarter, which benefitted from the changes we have made to the strategy and to the operating model over the past year.
“I am confident the business is well positioned to deliver the best result possible for the remaining months of FY20, which remain unpredictable, and beyond, and our focus remains firmly on the successful delivery of our long-term strategy.”