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Pendragon preliminary results

Pendragon PLC has announced its preliminary results for the twelve months to 31 December 2007.

Revenue stayed at £5.1 billion, the same figure as 2006.

Profit before tax was down £46.5 million compared to £97.7 million over the same period in 2006.

Profit before tax and exceptionals slumped to £34.8 million, a drop of almost of 50% from the previous year’s figure of £69.4 million.

Basic earnings per share has dropped to 6.5p from 10.7p in 2006.

However, total dividend was up at 4.0p compared to 3.45p over the same period the year before.

Cash generated from operations amounted to £160 million (£219.4 million in 2006).

Trevor Finn, Pendragon chief executive, commented: "As interest rates rose last year the car market became progressively more competitive putting pressure on used car margins.

“We acted early, closing poorly performing sites and, as a result, are better placed to face the challenges in what remains an uncertain market in 2008."

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