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Pendragon posts ‘solid financial performance’

Pendragon has posted pre-tax profits of £96.4 million in its preliminary results for 2006, up 51% on 2005.

Annual turnover reached £5.1 billion (2005 £3.3 billion) and underlying profits were up 15% to £96.4m (2005 £59.3 million).

Trevor Finn, chief executive, said: "Pendragon has delivered another solid financial performance in 2006. The highlight for the year was the acquisition and integration of Reg Vardy – the acquisition almost doubled our revenues and makes us clear market leader in what remains a very fragmented market.

"We were able to repay a substantial amount of the money we borrowed to finance the Vardy acquisition and go into 2007 in good shape and with confidence that we will achieve our objectives for the year."

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