Pendragon reveal mixed results

Nottingham-headquartered Pendragon has revealed mixed results for the three months ended 30 September 2019.

The car retailer saw an underlying profit before tax of £3.0m – an increase of £1.9m in comparison to the same period of 2018 (£1.1m), however like-for-like group revenue was down 3.6%, with used revenue slumping by 16.7%.

New revenue however rose, by 11.0%, with Pinewood revenue and leasing revenue following suit.

Like-for-like group gross profit meanwhile was down 4.9%.

The Group previously announced the planned closure of 22 Car Store locations (out of a total of 34). The company said good progress had been made with the closure programme, with the final two sites closed on 18 October 2019.

A statement from Pendragon says: “Whilst the improved performance during the period is encouraging, we continue to expect economic and market conditions to be challenging, with the ongoing uncertainty around Brexit impacting consumer confidence. The full-year underlying loss before tax remains in line with the Board’s expectations.”