Auto retailer predicts bumpy ride ahead

Nottingham car retailer Pendragon has posted mixed results for the three months ended 30 September.

The group’s underlying profits before tax went up by £1.9 million to £3 million but its gross profits dipped by 4.9 per cent during the period.

Pendragon also saw its like-for-like group revenue drop by 3.6 per cent and expects to make a full-year underlying loss.

Whilst it views its performance as “encouraging”, the firm believes the ongoing climate of economic and political uncertainty will continue to have a significant impact on its business.

Earlier this year the company reported a £32.2 million loss and was forced to axe around 300 jobs after it closed 22 of its car store outlets. The final two sites closed last week.

In a statement to the London Stock Exchange Pendragon said a full-year loss remains “in line with the board’s expectations.”