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Pendragon posts annual loss as sales slump 35%
StockMarketWire.com
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Auto dealer Pendragon posted a consecutive full-year loss after sales were dented by the pandemic.
Pre-tax losses for the year through December amounted to £29.6 million, compared to year-on-year losses of £114.1 million.
Sales reversed 35% to £2.92 billion and were down 26% on a like-for-like basis.
Underlying profit amounted to £8.2 million, compared to year-on-year underlying losses of £16.4 million
Pendragon did not declare any dividends.
The company said it had completed an estate review that saw 15 stores closed, delivering an annual cost benefit of around £2 million.
An organisation structure review also was done, delivering an annual benefit of about £35 million.
'We are confident the improvements made to our business model over the past year leave us well positioned to navigate this period and accelerate our strategy during the course of the year and beyond,' chief executive Bill Berman said.
Story provided by StockMarketWire.com
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