Pendragon 1Q Underlying Pretax Profit Jumped; Sees Full Year in Line

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By Kyle Morris

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Pendragon PLC said Wednesday that underlying pretax profit for the first quarter jumped on year thanks to the implementation of its strategy, and that it expects to meet the board’s profit expectations for the full year despite macroeconomic uncertainty and inflationary pressures.

The UK motor dealership said that underlying pretax profit for the three months was 18.7 million pounds ($23.5 million) compared with GBP10.8 million a year earlier.

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New vehicle supply was below demand in the quarter and used vehicles volumes were down 6.7% on a like-for-like basis as supply constraints hit availability.

“While we are mindful of the pressures facing our market and our customers, we are confident in our strategy and focused on continuing to deliver profitable growth over the medium term,” Chief Executive Bill Berman said.

Shares in Pendragon at 0710 GMT were down 0.10 pence, or 0.5%, at 21.90 pence.

Write to Kyle Morris at [email protected]

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Credit: www.marketwatch.com /

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