Tuesday, 21 February 2012
Pre-tax profits at Pendragon, the UK's biggest dealer group, more than doubled to £24m (£11m) in the year to 31 December, 2011 on turnover down 3 per cent to £3.5bn.
During the year the company cut debt by £78.7m to £246.8m following a rights issue.
The company grew volumes in its used car operation by 14.4 per cent on a like for basis.
Pendragon chief executive Trevor Finn (pictured) said the group had made “good progress” during the year in turbulent economic conditions.
“The group has benefited from strong focus on maximising returns and the success of its self-help initiatives within its three key business sectors: aftersales, used and new.
“Encouragingly, used car performance continues to be a high point for the group and will remain a key strategic area in 2012.
“Our internet presence with Evanshalshaw.com and Stratstone.com is an important differentiator for Pendragon in the market and has driven our strong aftersales, used and new performance,” he added.
Finn said the firm expected to maintain its momentum into 2012.
Pendragon 2011 Financial Highlights
| Pendragon 12 Months to 31 December 2011 | UNDERLYING* £m | TOTAL £m | ||
| 2011 | 2010 | 2011 | 2010 | |
| Revenue | 3,418.2 | 3,534.3 | 3,465.8 | 3,575.0 |
| Operating profit | 74.4 | 75.1 | 78.0 | 63.2 |
| Profit before tax | 30.8 | 25.2 | 24.0 | 11.0 |
| Earnings per share† | 2.3p | 1.8p | 3.7p | 0.6p |
| Operating margin | 2.2% | 2.1% | 2.3% | 1.8% |
| Net borrowings | - | - | 246.8 | 325.5 |
* Underlying results exclude items that are unusual due to their nature, size or incidence
Loading ...
Still a lot lower than Lookers, Sytner and Arnold Clark etc despite them having a lot more outlets. This is not a good performance.