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Car dealer Pendragon ups profits

By Daily Mail Reporter
Updated: 04:44 EDT, 23 February 2011

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Pendragon delivered higher profits after it carried out more repairs on old cars, but sold more premium marques as well.

Profit before tax at the car dealer shot up from £1.3m to £11m, although the figures were skewed by costs associated with axeing franchises and staff to make longer term savings.

On an underlying basis, profits improved from £10.1m to £25.2m, thanks to the performance of Pendragon's (unchanged at 24.25p) after-sales business and the Stratstone luxury brand.

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