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Pendragon offsets COVID losses with bumper Q3 profit

By BFN News | 09:27 AM | Thursday 22 October, 2020


Motor retailer Pendragon reported an underlying profit before tax of £27.3 million in the third quarter of 2020, an increase of 810% compared to the same period last year. The profit almost entirely offset losses incurred by the company in the first half of the year, Pendragon said this morning. Like-for-like group revenue was down by 1.2%, but gross profit was up by 9.8%. The UK business was boosted by actions taken over the past 12 months to address stock profiles, improve profit per unit, close underperforming stores and reduce the overall cost base of the company, it said. At 9:27am: (LON:PDG) Pendragon PLC share price was +1.27p at 11.87p Story provided by StockMarketWire.com

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