31st Oct 2014 09:32
LONDON (Alliance News) - Car retailer Pendragon PLC saw its shares rise in early trade after it said another strong performance in the third quarter meant it expects to beat expectations for the full year.
The group said its operating profit in the quarter to the end of September rose 29%, with gross profitability rising 4.9%, reflecting the strong operating leverage over the period.
It said its Stratstone and Evans Halshaw brands are both outperforming, adding it increased visitors to its online sites by 16.8% in the quarter.
Aftersales and Used departments also increased profitability by around 3% in the quarter, while profitability in its New cars business increased in line with the wider market.
Pendragon said the strong third quarter results mean it expects its full year results to come in ahead of expectations.
Shares in the company were among the best performers in the FTSE All Share in early trade on Friday, rising 4.1% to 32.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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