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.”