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Pendragon profit rise

Pendragon has increased its profit before tax by 11.7% to £59.3 million, compared to £53.1 million in 2004.

Turnover was recorded at £3.3 billion compared to £3.2 million in 2004, according its preliminary results announced today.

Operating margin pre exceptionals increased to 3.0% compared to 2.8% in 2004.

Trevor Finn, Pendragon chief executive, said: "We have had a successful year in 2005, not only in respect of our good financial results, but also in completing the integration of the CD Bramall business ahead of schedule, creating partnerships with manufacturers previously not represented and strengthening our balance sheet.

We are looking forward to a year of new challenges and believe that we can take the business forward in 2006 and retain our position as the clear leader in the industry."

Pendragon is currently taking its final steps in acquiring Reg Vardy. It made a mandatory offer of 900p per share for the capital share of Reg Vardy yesterday.

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