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Pendragon profits take a plunge

Pendragon profits take a plunge

Just a day after data from the Society of Motor Manufacturers and Traders (SMMT) suggested the UK car industry might be stabilising, Pendragon (PDG) revealed a 41 per cent crash in underlying pre-tax profits to £28.4m for the six months ended June 2018. The company blamed its UK motor division for the slump, which is responsible for the sale and servicing of vehicles in Britain. The division is still in a state of transition, however, as the company prioritises used car sales, including online channels. To this end, the group has reduced “nearly-new” vehicle stocks it holds. Excluding nearly-new vehicles, used car sales actually grew 3.1 per cent against record comparatives, and it’s hoped second-hand vehicles sales will double by 2021 as a result of ongoing work.  

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