Pendragon’s push to “maximise margins” on its new and used car sales to mitigate against automotive supply constraints have helped deliver a 73.1% increase in Q1 pre-tax profits.
5 people found this useful
Pendragon partially credited the “high degree of protection” against ‘Lockdown 3’ offered by its new digital approach to car retail for a £10.8 million underlying profit in Q1.
The AM100 PLC managed to deliver a year-on-year rise in underlying profit of 569.6% - from last year’s £2.3m loss – in the three-month period to March 31, a trading update published this morning (April 21) revealed.
The £13.1m increase compares to the £3.4m profit improvement flagged by the group in January and March s 2020 annual financial results statement.
Pendragon’s like-for-like operating profit of £19.5m for the period was up 68.5%.
Chief executive, Bill Berman, said: “We have delivered a strong performance in the first quarter, demonstrating the benefits of our omni-channel offering.