Pendragon’s profi ts zoom out of slump
BRITAIN'S biggest car dealer Pendragon saw profits accelerate last year as demand picked up across the board, from second‑hand family vehicles to upmarket sports models.
The owner of garages including Evans Halshaw and Stratstone saw underlying annual profits more than double to £25.2 million on sales up from £3.2 billion to £3.6 billion.
It closed 25 franchises with the loss of 650 staff last year and said it will continue to review its portfolio of 245 remaining outlets.
Stratstone, with 98, representing marques such as Aston Martin, BMW, Land Rover, Jaguar, Maserati and Porsche, benefited from the luxury market, first into recession, being the first to recover. Profits rose 57 per cent to £29.2 million.
At Evans Halshaw’s 130 forecourts, selling volume cars such as Citroen, Fiat and Ford, profits rose 45 per cent to £20.6 million.
Group chief executive Trevor Finn said: “The results of our used car operations have been particularly pleasing with outperformance against the market.”
It plans to expand its chain of Quicks used-car “supermarkets”.
