Sale of new cars drives up Pendragon profits

SALES of new sports cars and executive 4x4s have boosted profits for Annesley-based car giant PENDRAGON.

The car and commercial vehicle retailer, whose headquarters is at Sherwood Business Park, has just released its half-year results revealing pre-tax profits are up by £1.4 million to £19.1 million.

Chief executive Trevor Finn said the sale of new vehicles added just over £100 million to revenues, with used car sales accounting for £49 million.

“Our new and used sectors performed particularly well over the six-month period, with results across the group generally improving into the second quarter of 2012,” explained Mr Finn.

“Trading momentum in new and used vehicles is expected to continue into the second half of the year.”

Pendragon is the largest independent operator of franchised motor-car dealerships in the UK, operating more than 250 outlets.

The motor-car businesses operate under the brands of Stratstone for luxury vehicles and Evans Halshaw for the volume brands. Chatfields is the commercial van and truck business.

Mr Finn said sales of Jaguar, Land Rover and Aston Martin at their London dealership in Mayfair had helped build a brighter picture.

“When we went into recession, the premium car buyers were the ones who stopped buying first,” he said. “They were the first ones to resume when we came out of recession and they stopped again when we went back into the double dip and started buying again in January.”