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Reg Vardy half year interim results

Reg Vardy has seen pre-tax profits for the six months to October 31, 2005 rise to £21.1 million, up from £17.3 million for the same period last year.

Turnover was up by 15.7% to £1,080.3m (2004 - £933.7m).

Reg Vardy said it had delivered sales growth and a record profit despite a ‘challenging market backdrop’. This was due to improved management and systems coupled with enhanced returns from underperforming dealerships acquired in recent years.

The dealer group is still in the middle of a bidding war between Pendragon and Lookers. Pendragon was forced to extend its deadline for Reg Vardy shareholders to agree to its £450 million takeover bid last week.

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