Friday, November 30, 2007
Pendragon to miss profits forecast
Pendragon, the UK’s largest car dealer group, has warned its current year operating profit will miss market forecasts by millions and has reduced its expectations for next year.
The group, which has a turnover of more than £5bn, blamed a weaker used car market in the UK and sluggish US sales, brought about by the south Californian fires, for the poor trading update.
Operating profits for the company are expected to be £12m behind market expectations this year and profit expectations for next year have been reduced by £18m.
DATED: 30.11.07
FEED: MT
