Pendragon on track to meet full year expectations

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.