Pendragon accelerates Q3 profits to banish first half blues
Car retail giant Pendragon has enjoyed a stellar third quarter of the the year after revealing results this morning (October 22) that will almost wipe out its losses for the first half of 2020.
The Nottingham company has posted profits of £27.3m for the 13 weeks to September 30 – and increase of £24.3m on last year. Pendragon’s loss for the year to date has dropped from £31m in the first six months of the year to just £3.6m.
Pendragon puts the performance down to a strong showing by its franchise division and a cost cutting programme which saw underperforming outlets close.
Bill Berman, chief executive, said: “I would like to thank all our associates who have shown great professionalism in responding to the changing operating environment during the period and their hard work has been absolutely critical to our success.
“We are very pleased with the performance during the quarter, which benefitted from the changes we have made to the strategy and to the operating model over the past year. I am confident the business is well positioned to deliver the best result possible for the remaining months of FY20, which remain unpredictable, and beyond, and our focus remains firmly on the successful delivery of our long-term strategy.”