Pendragon, the car retailer, has welcomed a strong first quarter (from 1 January 2021 to 31 March 2021), as profits have soared.
The company has achieved underlying profit before tax of £10.8m – an increase of £13.1m in comparison to Q1 2020, when Pendragon posted a loss of £2.3m.
The Nottingham-based firm said this represents “a strong performance given the COVID-related restrictions in place.” All of the group’s dealerships were closed throughout the period and reopened on 12 April 2021.
The business noted that its digital capabilities provided a high degree of protection against the physical closure of stores, with over 40,000 vehicles delivered in the quarter against a prior year like-for-like comparison of approximately 45,000 vehicles.
Bill Berman, Chief Executive of Pendragon PLC, said: “We have delivered a strong performance in the first quarter, demonstrating the benefits of our omni-channel offering.
“Building on the progress made in 2020, our online capabilities continue to gain momentum as we advance our strategy and this has contributed to a resilient sales performance in the period.
“I am particularly proud of how our associates have responded to the changing environment, displaying their commitment to deliver a high-quality customer experience despite the difficult environment.
“With the easing of COVID-19 restrictions and the reopening of non-essential retail last week, we are delighted to be welcoming back customers to our dealerships and we are well positioned for the important trading period we have ahead of us.”