Pendragon on track to meet full year expectations

Motor dealerships operator Pendragon said it remains on track to meet its annual goals, buoyed by strong trading in the third quarter.

In the three months to the end of September, the London-listed company said its underlying pre-tax profit rose 6.6% year-on-year on a like-for-like basis, driven higher by solid performances across its new cars and used vehicles divisions.

Gross profit in the used cars division climbed 15% year-on-year on a like-for-like basis in the period, thanks to better market share and operational efficiencies, while gross profit in the new car segment rose 5.3% on a like-for-like basis as trading conditions in the UK improved.

Group chief executive Trevor Finn added the company remained upbeat about its outlook and expected to meet its full-year targets.

Pendragon shares were down 2.22% to 44.00p at 1041 GMT on Tuesday.