3rd Nov 2015 08:08
LONDON (Alliance News) - Vehicle retailer Pendragon PLC on Tuesday said it remains on track to meet its expectations for the full year as trading remained buoyant for the company in the third quarter.
The company, which operates motor dealerships across the UK, said its underlying pretax profit increased 6.6% on a like-for-like basis in the quarter to the end of September, following strong performances in its used and new cars businesses and its aftersales services unit.
Pendragon said its used gross profit rose 15% on a like-for-like basis in the quarter, boosted by better market share and by operational efficiencies in the business. New car gross profit increased 5.3% on a like-for-like basis amid continued improvements in the UK new vehicle market, while aftersales like-for-like gross profit improved 3.8%, again boosted by good underlying market dynamics.
"We continue to go from strength to strength after another strong quarter across our key sectors of aftersales, used and new. We continue to deliver on our winning strategy of offering choice, value, service and convenience to our customers and we are ideally positioned to gain from favourable underlying market conditions for aftersales, used and new. The performance of the group is in line with expectations for the full year, which were upgraded in August," said Chief Executive Trevor Finn.
Pendragon shares were down 0.3% to 44.875 pence at the open on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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