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Pendragon pre-tax profits double to £24m

Pendragon today revealed its financial results for 2011 showing a doubling of profit before tax.

Despite revenue declining slightly to £3.4bn from £3.5bn in 2010, pre-tax profit rose to £24m from £11m.

Underlying profit before tax, which excludes exceptional items, rose to £30.8m from £25.2m.

The UK's largest franchised dealer also brought its borrowings down by £80m to £246.8m at year-end.

Trevor Finn, chief executive, said: "The group has benefited from strong focus on maximising returns and tje success of self-help initiatives within its three key business sectors."

"Used car performance continues to be a high point for the group and will remain a key strategic area in 2012.

"Our internet presence is an important differentiator for Pendragon in the market and had driven our strong aftersales, used and new performance."

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