Profits down at Nottingham car retail group

Profits have dipped at Nottingham automotive retailer Pendragon.

Underlying Profit Before Tax, as reported in the company’s half year results, was £28.4m, which is down £20.1 million. The firm states that this was due to the UK’s general motor division performance. Revenue at the car dealership was £2.476bn, up 0.2%, leaving revenue flat.

Trevor Finn, Chief Executive at Pendragon, said: “We are gaining momentum as we lead the transformation to fully online used car retailing. This will give us greater self-determination and deliver more reliable, sustainable earnings.

“Our industry leading software company gives us unique technology and expertise, to reformat our business model.

“We are also continuing to reallocate our capital into higher return areas to increase shareholder value. Underlying profit before tax was £28.4 million for the first half and we remain in line with expectations.”