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Pendragon PLC - Nottinghamshire-based car dealership chain - Sees ‘strong’ start to 2022. Underlying pretax profit in first quarter jumps 73% to £18.7 million from £10.8 million. Like-for-like operating profit up 40% to £28.0 million. Motor business operating profit up to £20.4 million from £12.2 million.
Notes new vehicle supply remained below demand during first quarter, leading to new gross profit per unit at £2,456 was £975 higher than the year prior. Used vehicles volumes were down 6.7% on a like-for-like basis as supply constraints from lower new car production since 2020 impacted on availability.
‘We remain confident we have the right strategy in place and we expect to make positive progress towards our long-term goals this year. While we remain cautious about the potential for further disruption to operations due to ongoing macroeconomic uncertainty, inflationary pressures and the impacts of the conflict in Ukraine, we expect to deliver underlying profitability before tax in line with the board's expectations,’ company adds.
Current stock price: 21.92 pence
12-month change: up 13%
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