Pre-tax profit fell nearly 20 per cent to £60.4m
Pendragon’s pre-tax profit fell nearly 20 per cent to £60.4m in 2017 as new vehicle revenue fell 4.9 per cent.
The British car dealership said that its performance had been hit by waning consumer confidence and difficult trading conditions, particularly in the third quarter.
Talking about how “challenging economic environment” was responsible for the slump, Pendragon boss Trevor Finn said: “The group has a clear focus and direction to transform the business and double used revenue by 2021.
“This will be enabled by our market leading software business to provide the online and technology platform and by investment in increasing the used retail and after sales representation points in the UK.
“We made further progress towards our goal of doubling used vehicle revenue with growth in the period of 15 per cent. We anticipate our performance in 2018 to be in line with expectations.”
Pendragon is also in the process of selling its US dealership business, which consists of Aston Martin, Jaguar Land Rover and a Chevrolet business in California.