Saturday, October 24, 2020

Coronavirus sees revenue halve at Pendragon

Revenue has more than halved at Pendragon, according to half year results, slipping to £1.21bn, down from £2.45bn in the same period of 2019.

Meanwhile the Nottingham-headquartered car retailer posted an underlying loss before tax of £31m compared to losses of £32.2m in 2019.

Pendragon has said that the pandemic has had a material impact on the group’s financial performance. Management estimates the financial impact of Covid-19 on H1 FY20 to be approximately £44.1m.

Bill Berman, Chief Executive Officer said: “The Covid-19 pandemic has had a significant impact on our business during the period, however, thanks to the agility, hard work and commitment of our people, we have performed resiliently.

“The safety of our colleagues and customers has been our priority throughout. I am particularly proud that despite these circumstances, we have risen to the challenge in responding to the new environment and accelerated improvements in our digital and online retail capabilities.

“We’ve been encouraged by the first few months of trading following reopening and, while the outlook for the remainder of the year remains uncertain, we are confident the operational improvements we have made leave us well-positioned for the long-term.

“We recently set out our new strategy with digital innovation and operational excellence at its core. Both will be instrumental in transforming Pendragon’s performance and we have made great progress in both areas already this year.

“While there is some distance still to travel, we remain firmly committed to achieving our twin goals of sustainable profit growth and attractive returns for shareholders.”

In July Pendragon revealed it would make 1,800 redundancies and close 15 stores as COVID-19 accelerated a review of the company’s future operating model.

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