• Car Dealer Plus
No Result
View All Result
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • UCA 2020
  • UCA 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • UCA 2020
  • UCA 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
No Result
View All Result

Pendragon annual results reveal £44.4m loss in 2018

Adam Weller by Adam Weller
March 12, 2019
0
Home News

PENDRAGON suffered a pre-tax loss of £44.4m for 2018 with revenue for the group falling 2.4 per cent to a total of £4.63bn, it was revealed today.

The firm also reported that it had written down its assets at £95.8m, following another tough year for the dealership group, in its annual results for the year ending December 31, 2018.

The condition of the UK motoring industry was among the reasons provided for the poor year when the firm released its report this morning.


In 2017, profits fell by £15m to £60.4m but the new car market’s inability to recover has now led to further losses with a 10.1 per cent reduction in gross profit in this sector, with aftersales also seeing a 5.1 per cent drop.

In the used market gross profit grew from £156.3m to £164.2m year-on-year, up 5.1 per cent.  The report states that the used market is ‘more stable and provides a more reliable supply chain than the new vehicle sector’.

Revenue in its Car Store used car supermarket business grew by £83.6m – an increase of 38.5 per cent – while gross profit was up 42.2 per cent. However, accounting for the impact of start-up and transformation costs, the operating loss for the business was £11.9m.

The report adds that it believes the market will be ‘broadly flat’ in 2019.


The firm’s presence in the United States is set to be wound up, with one Aston Martin dealership already being sold.

Pendragon chief executive Trevor Finn, pictured, who is to retire as chief executive this month, said: ‘We continue to focus on our strategic priorities and the reallocation of our capital into the areas we see as providing the strongest long-term growth.

‘We have seen strong performance in used cars in the second half of the year, with the transformation of preparation facilities and processes now embedded in our Car Stores. We anticipate this will carry on into 2019 and beyond as our new Car Store businesses further boost our used car growth.

‘New car sales have been subdued and consumer confidence has been adversely affected in the period by macro news flow. However, our software business is continuing to win market share and has now deployed systems in 12 overseas countries. Our leasing business has grown profitability with a stable base of vehicles under management.’

MORE: Ex-Jardine Motors CEO named as Trevor Finn’s successor at Pendragon

MORE: WLTP and investment take their toll on Pendragon as it anticipates £10m profit drop

MORE: Pendragon blames UK motor division performance for 41.4 per cent drop in profit

Get more from Car Dealer

  • Premium stories
  • Used car data
  • Magazine early access
Register

Or Sign in

Related Posts

Toyota Yaris demonstrator crashes through Bentleys Warrington 17 April 2021
News

Lucky escapes at dealership as customer crashes through front while in Yaris demonstrator

April 19, 2021
Tesla Model S June 2015
News

Two killed as Tesla Model S goes up in flames after crashing into tree ‘while in semi-autonomous mode’

April 20, 2021
Motorline scoops manufacturer awards for Toyota and Lexus dealerships in Kent
News

Motorline scoops manufacturer awards for Toyota and Lexus dealerships in Kent

April 19, 2021
News

Inchcape to appoint Singapore-based profit and loss management expert to board

April 19, 2021
Carzam stock picture
News

Carzam enjoys record trading week after dealerships reopen in England and Wales

April 19, 2021
Trade Centre UK creates 200 jobs with its first car superstore in England
News

Trade Centre Group smashes its record for used car sales with all-time high during week of reopening

April 19, 2021

Want the latest news?

Sign up to Car Dealer's daily news email updates

Subscribe
Electrified vehicle registrations overtake diesels for the first time in Europe
News

What is stopping car buyers from switching to EV? Our exclusive White Paper reveals all

April 16, 2021
How many car dealerships does each manufacturer have in the UK? Car Dealerships Locations List 2021 revealed
News

How many car dealerships does each manufacturer have in the UK? Car Dealerships Locations List 2021 revealed

March 12, 2021
Used Car Awards with Mike Brewer and James Baggott graphi
News

Who won what at the Used Car Awards 2020? Mike Brewer reveals our winning car dealers

March 12, 2021
Used Car Awards 2021 logo
Used Car Awards

Used Car Awards 2021 will be back in all their glory on November 29 hosted by Mike Brewer

April 15, 2021
The Newcomers: Here are the 10 electric car brands coming to a forecourt near you soon
News

The Newcomers: Here are the 10 electric car brands coming to a forecourt near you soon

March 30, 2021
Trophy Cars forecourt
News

Investigation: Meet the hyper-specialist car dealers making their money from weird and wonderful motors

March 12, 2021
Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK
Car Dealer Top 100

Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK

February 10, 2021
BMW, Mercedes, Audi and Volvo, could they be sold under one roof?
News

Multi franchising: Premium brands rule out selling cars alongside rivals in same dealer – as others remain tight-lipped

March 11, 2021
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • UCA 2020
  • UCA 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
Call us: 020 8125 3880

© 2020 Blackball Media

No Result
View All Result
  • Car Dealer Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards 2020
  • Used Car Awards 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100

© 2020 Blackball Media

Log In
Register
Register
Server 1