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Pendragon profits up 17 per cent

Pendragon, the UK's largest dealer group, has reported a 17 per cent leap in pre-tax profits to £35.8m (2001 = £30.6m) in its preliminary results for the 12 months to 31 December 2002.

The result was achieved on turnover of £1.88bn (2001= £1.73bn).

The results were underpinned by a strong operating cash flow of £62.9 million (2001 £62.4 million).

Trevor Finn, chief executive says: “As we enter 2003, we will continue to focus on the high-margin, specialist end of the market, while seeking further opportunities to expand our profitable US business.

“The new rules relating to block exemption are expected to increase the independence of car retailers, thereby enabling Pendragon to further develop on its leading position in the UK.”

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