Sales up at Pendragon22 February 2011
Revenue and pre-tax profit are up at automotive group Pendragon. The Nottingham-based retailer said that profit before tax had shot up almost tenfold to £11m in its full year results which were released this morning.
Pre-tax profits the year previous were £1.3m. The company released its year-end results for 31 December 2010 to the Stock Exchange this morning.
Revenue had also increased from £3.1bn at the end of 2009 to £3.57bn in 2010 and operating profits was up from £56.7m to £63.2m.
The company said that the improvement in sales had also carried forward into January.
Trevor Finn, chief executive of Pendragon, said: "Pendragon has made considerable strides in 2010, delivering a significant improvement in profitability over 2009. Underlying profit before tax has more than doubled reflecting the continued progress that the group has made during the year.
"We have benefited from our scale as the largest car retailer in the UK combined with our success in driving performance through our operational initiatives. The results of our used car operations have been particularly pleasing with outperformance against the market."