Pendragon, the Nottingham car retailer, has “made a really encouraging start to the year” with a “strong set of financial results,” according to the firm’s CEO.
Newly released half year results show that group revenue hit £1.84bn, up from £1.81bn in the same period of 2021.
Meanwhile underlying profit before tax dipped slightly to £33.5m from £35.1m, whereas reported profit before tax grew to £32.9m from £30.8m.
Bill Berman, Chief Executive Officer, said: “We have made a really encouraging start to the year which is reflected in a strong set of financial results and continued momentum across the business. Good progress has again been made in the delivery of our strategy, including the brand relaunch of our used car business and multiple technology releases by Pinewood.
“We have transformed our digital capabilities over the past two years and this, combined with significant improvements to our operations, means we are well placed to offer our customers the best possible experience.
“We have delivered these results in the face of challenging trading conditions in our sector due to supply constraints on both new and used vehicles and the impacts of inflationary pressures.
“We expect the environment to remain challenging in the second half of the year, however we take confidence from how we have performed in the last six months and expect to make further positive progress towards our long-term goals this year.”
