Following a “strong close to June,” Pendragon, the car retailer, has increased its profit guidance for the full year to 31 December 2021.
Underlying profit before tax is now expected to be in a range of approximately £55m to £60m. This follows a profit of £8.2m for 2020.
In a statement to the London Stock Exchange, the firm said: “There continues to be uncertainty resulting from potential further disruption from Covid-19, the timing of an expected realignment of used vehicle margins and supply constraints in both new and used vehicles. As a result, there remains a range of possible outcomes for the full year.”
Pendragon continued: “The Board continues to believe the Group’s strategy positions it well to respond to the ongoing market uncertainty and to capitalise on any resultant opportunities.”