Pendragon accelerates despite potential drag of Brexit brake

MOTOR group Pendragon has shrugged off the effects of the Brexit brake on the economy and has accelerated ahead in the third quarter of the year.

Despite strong comparators, the Nottingham-based group grew like-for-like sales by 5.7% with underlying profit up 6.3%.

Pendragon chief executive Trevor Finn said: “Despite significant commentary on the potential negative impact of the EU Referendum, we have not experienced any noticeable change in our customers’ behaviour and we have continued to grow our business.”

The group, which includes Evans Halshaw, Stratstone and a California operation, saw the biggest sales increase in its used car division, although it only made a slight contribution to the increase in profit.

It said it is continuing to add sites as it aims to “complete a national UK presence for the sale and servicing of vehicles”.

It has also purchased £6.1m of its shares through the £20m buyback programme it announced in May.