21st Apr 2021 10:45
(Alliance News) - Motor retailer Pendragon PLC on Wednesday said it swung to a first-quarter profit, despite all its dealerships being closed due to Covid-19 lockdowns.
The Evans Halshaw and Quickco operator was only allowed to reopen its sites in England last week Monday, following months of its estate being shuttered.
In the three months to March 31, Pendragon swung to an underlying pretax profit of GBP10.8 million, from a GBP2.3 million loss a year earlier.
It was a "a strong performance given the Covid-related restrictions in place," Pendragon said. The company had to rely on its delivery and click & collect services during the quarter.
"Franchised UK Motor demonstrated a high level of resilience to these restricted trading conditions, with the omni-channel capabilities of the group supporting good continuity of sales across both new and used cars, fulfilled through home delivery or click and collect," the company explained.
"The development of the group's digital capabilities provided a high degree of protection against the physical closure of stores, with over 40,000 vehicles delivered in the quarter against a prior year like-for-like comparison of approximately 45,000 vehicles."
Looking ahead, Pendragon said it is "cautiously optimistic" about the rest of 2021, though it noted virus uncertainty and decided against providing any formal guidance for now.
Chief Executive Bill Berman said: "With the easing of Covid-19 restrictions and the reopening of non-essential retail last week, we are delighted to be welcoming back customers to our dealerships and we are well positioned for the important trading period we have ahead of us."
Pendragon shares were 3.1% higher at 20.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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