UK car dealer Pendragon says first-half profit rose 30%
(Reuters) – Britain's biggest car dealer, Pendragon, says profit rose 30 percent during the first half of the year helped by the strong performance at its new- and used-vehicle segments, particularly in the second quarter.
Pretax profit during January-June rose to 23.6 million pounds ($36.9 million) from 18.2 million pounds a year earlier. Revenue rose 8 percent to 1.91 billion pounds.
New vehicle like-for-like sales rose about 14 percent, while those from used vehicles increased 7.5 percent.
The company, whose business operates under the brands Stratstone, Evans Halshaw, Chatfields and California, said it continued to expect a positive performance from its used-car segment given the improvement in margin seen in the second quarter.
Rising new-car sales are helping UK dealers. Sales rose by 9.3 percent to 143,884 vehicles in July, the fifth consecutive monthly rise for the UK market. Industry association SMMT forecasts full-year sales to be 1.97 million.
Automotive News Europe contributed to this reportContact Automotive News