Profits rise for car dealerships group
Profits were up for car dealerships group Pendragon in the first three months of 2023.
Underlying pre-tax profit rose 23 per cent to £23 million.
The group includes Evans Halshaw sites in Stourbridge, Walsall and Wolverhampton, Stratstone in Wolverhampton and CarStore in Shrewsbury.
It delivered a very strong performance across all divisions with the motor division's operating profit up 38.7 per cent to £28.3m.
New vehicle volumes were 20.1 per cent higher than the prior year on a like-for-like basis.
Like-for-like used vehicle volumes were up 14 per cent.
Pendragon's software business Pinewood delivered operating profit growth of 14.3 per cent to £3.2m and leasing business Pendragon Vehicle Management recorded an operating profit of £5.2m.
Bill Berman, chief executive of Pendragon, said: "I am delighted to report a very strong performance in the first quarter, which builds on the momentum we generated last year from the progress with our strategic and operational initiatives.
"We continued to trade strongly in UK motor, across both new and used markets, and our performance shows the benefits of the strategy we have been pursuing in recent years. It is really encouraging to see all of the group's divisions in growth, particularly when considering the ongoing challenges in the external operating environment. We are seeing improving signs in the production and supply of new cars and we are focused on continuing to deliver for our customers and original equipment manufacturing partners in the months ahead."
