Pendragon upgrades profit forecast after strong early summer

Car retailer Pendragon has upgraded its profit expecations for the full year after a strong close to June.

The firm said it expects to make a surplus of between £55m and £60m this year after levels of demand remained high. In contrast, Pendragon posted profits of just £8.2m last year.

A statement from Pendragon said: “The board continues to believe the group’s strategy positions it well to respond to the ongoing market uncertainty and to capitalise on any resultant opportunities.”