16th Feb 2016 08:08
LONDON (Alliance News) - Automotive online retailer Pendragon PLC said on Tuesday its pretax profit for the full year was up from the previous year, driven by strong demand for used vehicles, as well as investment in its retail facilities.
The FTSE 250-listed group said its pretax profit for the year to the end of December rose to GBP79.0 million from GBP64.6 million.
Pendragon said this comes on the back of a 11% increase in like-for-like gross profit for used vehicles, of GBP15.0 million, as well as a 12% increase in like-for-like gross profit of new vehicles, to GBP17.5 million.
Pendragon's revenue was up 11% to GBP4.45 billion for the year, from GBP4.00 billion a year earlier, helped by the launch of its Move Me Closer click-and-collect service and its Sell Your Car used vehicle website. It also said it was expanding its presence, and had invested GBP53.1 million into its retail facilities over the course of the year, acquiring and opening stores in key market areas.
Pendragon said its dividend would be 1.3 pence per share for the year, up 44% from last year when dividend was 0.9p, reflecting profit progression.
"We achieved strong growth and set new records as we continue to deliver our winning strategy of offering choice, value, service and Convenience to cour customers. Our prospects for 2016 are in line with current expectations," said Chief Executive Trevor Finn.
Pendragon shares surged on the results, up 8.6% to 39.1p to be the best performer in the FTSE 250.
By Hannah Boland; [email protected]; @Hannaheboland
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