Pendragon doubles profits on higher car sales

Motor dealer Pendragon today said a rise in sales helped its profits almost double during the first half of the year.

The firm, which trades under the Evans Halshaw, Stratstone and Quicks brands, posted a pre-tax profit of £33.2 million for the six months to 30 June, up from £16.7m a year earlier, on underlying revenues 2.7 per cent higher at £2 billion.

Chief executive Trevor Finn said the dealer enjoyed a “strong performance” at its new and used car divisions, as well as its aftersales department, while the number of visitors to its websites jumped 16.2 per cent to more than 8 million.

He added: “The balance sheet, combined with our strong cash flow, now gives us the flexibility to invest in our national footprint.”

Pendragon unveiled a trebling in the interim dividend to 0.3p a share, to be paid on 27 October.