Pendragon motors back to profit in Q1

Nottingham-based car retail giant Pendragon says it has enjoyed a strong start to 2021 – with underlying profits soaring.

In a statement to the London Stock Exchange this morning (April 21), the firm posted an underlying profit before tax of £10.8m against a loss of £2.3m last year.

The company says its online and franchise businesses have been responsible for the vastly-improved figures.

Bill Berman, chief executive of Pendragon, said: “We have delivered a strong performance in the first quarter, demonstrating the benefits of our omni-channel offering. Building on the progress made in 2020, our online capabilities continue to gain momentum as we advance our strategy and this has contributed to a resilient sales performance in the period.

“I am particularly proud of how our associates have responded to the changing environment, displaying their commitment to deliver a high-quality customer experience despite the difficult environment. 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.”

Close