F&I Management & Training

Britain's biggest car dealership, Pendragon, which said eight weeks ago that it was difficult to forecast year-end profits after a sharp fall in sales, will announce this week it will slash its dividend. Trevor Finn, the group's chief executive, is to scale down the payout to reflect the tougher economic conditions Pendragon is facing. But it is understood he will not scrap it. The company will reveal, when it reports full-year results, that pre-tax profits have collapsed from the previous year's figure of £34.8 million on sales of £5.1 billion.

DATED: 28.08.08

FEED: AW