Independent dealer giant Pendragon PLC, has
revealed business growth of nearly 8% for the first half of 2012
with operating profit losses of £5m.
Total revenue for the period was £1,914m, a
£141m year-on-year increase. Underlying operating profit was £37.5m
and the underlying operating margin was 2.0%, versus 2.4% in the
prior year.
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Trevor Finn, Pendragon’s chief executive, said the H1
results were “in line with expectations,” and the group’s new and
used sectors results performed “particularly well,”
with sales improving into the second quarter of 2012.
The operator’s new car sales grew by 13.9%
with retail sales up 14.9%, accredited to Pendragon’s Stratstone
brand.
The company’s big push into fleet saw sales up by
51%.
Finn said approximately 74% of the £100.3m
increase in new car sales was due to increased fleet activity from
the leasing segment. He added that the company was “highly
selective” about the fleet business it conducts and new car gross
margins have been maintained at 7.7%.
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By GlobalData
