Pendragon continues to motor with healthy Q1 results

Pendragon, the Nottingham-based car retailer, has posted “strong” results for three months to 31 March.

Overall in the first quarter of 2017, underlying profit before tax increased by 17.6%, whilst revenue grew by 10.4% on a like-for-like basis with used revenue growth accelerating to 23.3%.

Trevor Finn, chief executive, said: “Pendragon has made a strong start to 2017 with significant growth in our key market areas of aftersales and used.

“Our revenue growth in the used vehicle sector was over 23%, which is significantly ahead of our annual target of double digit growth and ensures we remain on track to achieve our long term target of doubling used vehicle revenues by 2021.

“Aftersales gross profit grew by nearly 8%. We had over eight million visitors to Evanshalshaw.com and Stratstone.com in the first quarter as our online business continues to grow.”