The UK’s number one dealer says the increased performance is down to strong sales figures and reduced debt.
Pendragon saw underlying profit before tax rise by 24 per cent to £23.6 million, while net debt was reduced by £73.4 million from June 2012 to £147.3 million.
The group achieved like-for-like gross profit improvements in the aftersales, new and used sectors, as used car performance continues to outperform the market, with like- for-like used vehicle volumes up nine per cent, while operating profits have increased by four per cent to 40.1 per cent.
In order to refinance the business, the London-based dealer also secured a seven-year £175.0 million bond and four year £145.0 million revolving credit facility in the period.
Chief executive, Trevor Finn, said: ‘The group achieved strong performance in the first half of 2013 with underlying profit up 24 per cent. The group has achieved like-for-like gross profit improvements in all motor division sectors. The Group’s used results continue to outperform the market and the used market remains a key area of strategic focus.
He added: ‘A step change reduction in debt during the period has decreased debt to below £150 million. The combination of reduced debt and the successful refinancing has ensured the group has conservative levels of borrowing and a robust balance sheet. Positive performing markets, improving operational performance and balance sheet strength has put the group on a solid platform for future growth.’