Wednesday, August 08, 2007
Pendragon profits down but more expansion likely
Sharply reduced pre-tax profits at Pendragon, Britain's biggest car retailer, have failed to dilute the company's desire to expand and buy-up smaller rivals.
The company, which has 350 franchise points in the UK, has announced pre-tax profits of £33.5 million for the six months to June 30, 2007, down from £51.5m for the same period last year. Sales increased slightly from £2.6 billion to £2.7bn.
Chief executive Trevor Finn said: "The UK motor retail sector has faced a challenging time this year, and this has affected our results for the six months. Throughout the period we have remained focused on scale efficiencies and cash management as we reduce our debt levels following the acquisition of Reg Vardy last year.
DATED: 08.08.07
FEED: AW
The company, which has 350 franchise points in the UK, has announced pre-tax profits of £33.5 million for the six months to June 30, 2007, down from £51.5m for the same period last year. Sales increased slightly from £2.6 billion to £2.7bn.
Chief executive Trevor Finn said: "The UK motor retail sector has faced a challenging time this year, and this has affected our results for the six months. Throughout the period we have remained focused on scale efficiencies and cash management as we reduce our debt levels following the acquisition of Reg Vardy last year.
DATED: 08.08.07
FEED: AW
