Pendragon enjoys an ‘outstanding’ 2015 with earnings up 19 per cent

Time 10:38 am, February 18, 2016

PENDRAGON plc has delivered another ‘outstanding set of results’ for 2015, a year in which it increased earnings by a substantial 19 per cent.

Underlying profit before tax for 2015 was up £9.9 million (16.4 per cent), from £60.2 million to £70.1 million.

Gross profit was up five per cent and underlying operating profit up 10.6 per cent. Underlying earnings per share were up 0.6p (19.4 per cent), from 3.1p to 3.7p and a final dividend of 0.7p per share was proposed.

The company, which can claim to be the UK’s largest automotive online retailer, also enjoyed another record-breaking year in used vehicles. Like-for-like gross profit was up £15 million (10.9 per cent). Aftersales gross profit increased by £9.7 million (5.4 per cent).

Like-for-like gross profit in new vehicle market growth increased by £17.5 million (12.1 per cent). And during the year, the company invested £53.1 million in its retail facilities.

Chief executive Trevor Finn, pictured, commented: ‘We achieved strong growth and set new records as we continue to deliver our winning strategy of offering choice, value, service and convenience to our customers.

‘We are particularly pleased with our performance, where like-for-like used vehicle gross profit improved by over 20 per cent.

‘This outstanding performance is due to our focused strategy, strong processes and the evolution of our brands, helped by the launch of ”Move Me Closer” and ”Sell Your Car”.

‘We are looking forward to growing the business further from organic activity and selective acquisitions. We continued to benefit from new car products, particularly in the vehicle ranges.

‘We thank our people for being committed to the evolution of the Group and for helping deliver another outstanding set of results. Our prospects for 2016 are in line with current expectations.’

Pendragon’s underlying operating margin was maintained at 2.3 per cent for 2015.

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Dave Brown's avatar

Dave, production editor on Car Dealer Magazine, is a journalist with more than 30 years' experience in the worlds of newspapers, magazines and public relations.

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