August 2009
INTERIM RESULTS TO 30 JUNE 2009
We have announced the interim results for the six months to 30 June 2009.
Summary:
- Revenue of £1,586 million (2008: £2,478 million)
- Operating profit £33.4 million (2008: £41.2 million)
- Underlying operating margin 1.9% (2008: 1.9%)
- Profit before tax £11.4 million (2008: £21.1 million)
- Profit before tax and non-recurring items £8.7 million (2008: £17.9 million)
- Basic earnings per share 0.9p (2008: 2.0p)
- Adjusted earnings per share 0.7p (2008: 1.5p)
- Net borrowings down £39.6 million since year end
Trevor Finn, Chief Executive, commented:
“The first half of 2009 has seen a very challenging car market. Despite this, a significant turnaround from the loss incurred in the second half of 2008 has been achieved as a result of the decisive actions taken by management to reduce costs and close non viable dealerships.
In addition to negotiating a new 3 year borrowing facility we have reduced debt levels in the first half of the year which underlines the financial stability of the Group in what remain challenging trading conditions.”
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April 2009
PRELIMINARY RESULTS TO 31 DECEMBER 2008
We have announced our preliminary results for the twelve months to 31 December 2008.
Highlights:
- Revenue £4.2 billion (2007 : £5.1 billion)
- Loss before tax and non recurring items £(29.6) million (2007 profit : £42.0 million)
- Loss before tax £(200.6) million (2007 profit : £46.5 million)
- Basic earnings per share (25.2)p (2007 : 6.5p)
- Adjusted earnings per share (3.0)p (2007: 5.0p)
- Cash generated from operations £53.6 million (2007 : £160.0 million)
- Management action taken to reduce ongoing operating costs by £60 million per annum
- New borrowing facilities of £530 million maturing 2012
- Support services division performing well
Trevor Finn, Chief Executive, commented:
“In 2008 the Group faced the most severe market conditions since the early nineties. However management reacted quickly and decisively, reducing costs and closing dealerships no longer viable, and better positioning the Group for the difficult conditions. More recently, we have renegotiated a new 3 year borrowing facility which gives us the necessary headroom to work through what we continue to expect to be continued difficult trading conditions.”
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April 2009
Financing Structure
The Board of Pendragon notes the increase in the Group's share price following recent press speculation about a potential restructuring of its existing borrowing arrangements.
Pendragon confirms it has been reviewing its financing structure in light of the current economic climate. As part of that review we can confirm that we are having discussions with lenders regarding changes to our loan agreements which would make them more appropriate for anticipated future trading conditions.
We will make a further announcement when appropriate.
August 2008
Interim Results to 30 June 2008
We have announced the interim results for the six months to 30 June 2008.
Highlights:
- Revenue of £2,478 million (2007: £2,702 million)
- Operating profit £41.2 million (2007: £62.1 million)
- Profit before tax £21.1 million (2007: £33.5 million)
- Profit before tax & exceptionals £13.4 million (2007: £32.7 million)
- Basic earnings per share 2.0p (2007: 4.4p)
- Adjusted earnings per share 1.5p (2007: 3.5p)
- Dividend 0.5p (2007: 2.0p)
- Borrowings down £44.4 million since year end
Trevor Finn, Chief Executive, commented:
“The UK motor retail sector has faced a challenging six months through weak demand and rising vehicle ownership costs. We have reacted quickly to the market changes, improving our competitiveness in used cars, cutting our cost base and reducing borrowings.
Our aftersales and support businesses will continue to underpin the profitability of the group and the experienced management team will guide the group successfully through what we expect to be difficult trading conditions for the remainder of this year and next."
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February 2008
Preliminary Results to 31 December 2007
We have announced our preliminary results for the twelve months to 31 December 2007.
Highlights:
- Revenue £5.1 billion (2006 £5.1 billion)
- Profit before tax and exceptionals £34.8 million (2006 £69.4 million)
- Profit before tax £46.5 million (2006 £97.7 million)
- Basic earnings per share 6.5p (2006 10.7p)
- Total dividend 4.0p (2006 3.45p)
- Cash generated from operations £160.0 million (2006 £219.4 million)
Statement from Trevor Finn, Chief Executive:
“As interest rates rose last year the car market became progressively more competitive putting pressure on used car margins. We acted early, closing poorly performing sites and, as a result, are better placed to face the challenges in what remains an uncertain market in 2008.”
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August 2007
Pendragon PLC Interim Results for 2007
We have announced the interim results for the six months to 30 June 2007.
Highlights:
- Revenue of £2,702 million (2006: £2,625 million)
- Profit before tax & exceptionals £32.7 million (2006: £43.0 million)
- Profit before tax £33.5 million (2006: £51.5 million)
- Underlying operating margin 2.3% (2006: 2.8%)
- Adjusted earnings per share 3.5 pence (2006: 4.7 pence)
- Gearing 86% (December 2006: 121%)
- Strong operating cash inflow of £128.7 million (2006: £157.7 million)
- Dividend up 38% to 2.00p (2006: 1.45p)
Statement from Trevor Finn, Chief Executive:
“The UK motor retail sector has faced a challenging time this year, and as previously announced this has affected our results for the six months. Throughout the period we have remained focused on scale efficiencies and cash management as we reduce our debt levels following the acquisition of Reg Vardy last year.
These conditions offer a market leader like Pendragon many attractive growth opportunities, such as the acquisition of the 19 dealerships announced last week. We expect to identify further opportunities as smaller competitors seek to exit the market.”
February 2007
Pendragon PLC Final Year Results for 2006
We have announced our preliminary results for the twelve months to 31 December 2006.
Highlights:
- Turnover £5.1 billion (2005 £3.3 billion)
- Underlying profits up 15% to £68.1 million (2005 £59.3 million)
- Profit before tax up 51% to £96.4 million (2005 £63.8 million)
- Basic earnings per share up 53% to 10.7p (2005 7.0p)
- Total dividend up 30.7% to 3.45p (2005 2.64p)
- Strong operating cash inflow of £219.4 million (2005 £130.4 million)
- Reg Vardy integration completed
Statement from Trevor Finn, Chief Executive:
"Pendragon has delivered another solid financial performance in 2006. The highlight for the year was the acquisition and integration of Reg Vardy - the acquisition almost doubled our revenues and makes us clear market leader in what remains a very fragmented market.
We were able to repay a substantial amount of the money we borrowed to finance the Vardy acquisition and go into 2007 in good shape and with confidence that we will achieve our objectives for the year."
September 2006
Pendragon PLC Investor in People accredited
We are pleased to announce that Pendragon PLC has been awarded the coveted Investor in People Award for the third time running. Pendragon was first recognised as an Investor in People organisation in August 1998. At that time the Company consisted of approximately 250 members operating from two sites in Derby. Throughout the period 1998 until 2006 the Pendragon Leadership team has continued to deploy the support mechanisms required to maintain the company vision and core values as well as underpin the dramatic growth.
The re-assessment process was carried out by independent assessors. These assessors found a number of areas where Pendragon PLC exceeded the current standard for good practice. They concluded that Pendragon continues to fully comply with the current standard and the group has been re-recognised for a further three years.