Pendragon set for profits boost as car market revs up

Pendragon, the Nottingham-headquartered car retail group, is set to resinstate guidance for the rest of the year after making “strong” progress during the second quarter of 2021.

In a statement to the London Stock Exchange this morning (June 30), Pendragon said is had outperformed its targets in the new car market and driven higher margins in the used sector.

As a result, Pendragon expects turn a loss of £31m for the first half of last year into a profit of £30m this year. Full year profits are expected to be in the range of £45m-50m However, it has warned that Covid-19 could cause further disruption to trading.

A statement from the company said: “The board continues to believe that the group’s strategy positions it well to respond to the ongoing market uncertainty and remains confident in the long-term outlook.”