Half-Year Sales and Earnings Improve for Pendragon Auto Dealers

Stratstone Porsche Center in Wolverhampton

The strong first half performance continued in July and August.

Pendragon includes Evans Halshaw’s sites at Stourbridge, Walsall and Wolverhampton; a Stratstone site in Wolverhampton and a CarStore in Shrewsbury.

Pre-tax profits rose 6.8% to £32.9m on revenue ahead 1.6% to £1.84bn.

Chief Executive Bill Berman said, “We’ve had a really encouraging start to the year, which is reflected in a strong set of financial results and continued momentum across the business. Good progress was again made in implementing our strategy, including the brand relaunch of our used car business.”

Berman said Pendragon has transformed our digital capabilities over the past two years and that, combined with significant improvements to its operations, means it is well positioned to provide its customers with the best possible experience.

“We achieved these results despite challenging business conditions in our industry due to new and used vehicle supply constraints and the effects of inflationary pressures. We expect the environment to remain challenging in the second half of the year, but we are confident in our performance over the past six months and expect to make further positive progress towards our long-term goals this year,” he added.

New and used vehicle supply shortages are expected to continue for at least the remainder of the current fiscal year, but Pendragon’s new car order bank remains strong, with more than 22,000 orders at the end of June. .

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