Car giant to undertake review of company after profits crumble
Pendragon, the Nottingham-based car dealership giant which trades as Evans Halshaw and Stratstone, says it will undertake a “review of the operational and financial prospects” of the firm after posting a loss of £2.8m for the three months to 31 March.
The firm said the figure was around £10m lower than it expected and was brought about by “challenging trading conditions” over the period.
The firm said that its underperforming Car Store business and a higher level of operating costs also contributed to the poor performance.
In a statement to the London Stock Exchange this morning, Pendragon said: “In light of this trading update and given the recent appointments to the business of both Mark Herbert (chief executive officer) and Mark Willis (chief financial officer), a review of the operational and financial prospects of the Group is currently being undertaken. The results of this review will be communicated to the market during June. In addition, a strategic update will be provided with the Interim results.”
In December, Pendragon’s boss of over 30 years, Trevor Finn, stepped down from the role.