October 2011
Interim Management Statement
The October 2011 Interim Management Statement can be found here:
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August 2011
Interim Results to 30 June 2011
We have announced our interim results for the six months to 30 June 2011.
Summary
- Underlying profit before tax of £17.7 million, an increase of 12.7% from £15.7 million in 2010.
- Underlying operating margin of 2.4%, an increase of 20 basis points from 2.2% in 2010.
- Net borrowings of £294.9 million, a reduction of £51.8 million compared to 30 June 2010.
- Successful recapitalisation of the Group through a £75.2 million gross Rights Issue subsequent to 30 June 2011.
- Revised facilities extend the maturity profile of the Group’s borrowing facilities to 30 June 2014.
- Current pension deficit will be eliminated via a property-backed transaction that reduces cash outflow by an estimated £46 million to December 2014.
Trevor Finn, Chief Executive, commented:
"The first half of 2011 has been an exciting period for the Group. Pendragon has successfully completed the raising of £75 million from a Rights Issue, extended the maturity of its banking facilities on better terms and implemented a Pension Deficit Reduction Plan. The recapitalisation of the Group and the revised banking facilities provide greater strength and flexibility for the future. Pendragon has continued to show strong operational and financial performance. The success of our operational initiatives has again helped the Group’s performance in its aftersales and used businesses despite a challenging macro-economic environment. Overall, Pendragon continues to perform in line with the Board's expectations for the full year."
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August 2011
RESULTS OF RUMP PLACING
Rights Issue
August 2011
RESULTS OF RIGHTS ISSUE
Rights Issue
August 2011
RESULTS OF GENERAL MEETING
AGM Results 2011
July 2011
RIGHTS ISSUE, REFINANCING, PENSIONS AND TRADING UPDATE
Rights Issue
May 2011
INTERIM MANAGEMENT STATEMENT
The May 2011 Interim Management Statement can be found here:
View Statement
February 2011
FULL YEAR RESULTS TO 31 DECEMBER 2010
We have announced our audited results for the twelve months to 31 December 2010.
Summary
- Revenue £3,575.0 million (2009: £3,191.7 million)
- Operating profit £63.2 million (2009: £56.7 million)
- Underlying* operating margin 2.1% (2009: 1.7%)
- Profit before tax £11.0 million(2009: £1.3 million)
- Underlying* profit before tax £25.2 million (2009: £10.1 million)
- Basic earnings per share 0.9p (2009: 0.1p)
- Underlying* basic earnings per share 2.5p (2009: 1.1p)
- Net borrowings £325.5 million (2009: £315.4 million)
*Underlying results exclude items that are unusual because of their size, nature or incidence.
Trevor Finn, Chief Executive, commented:
"Pendragon has made considerable strides in 2010, delivering a significant improvement in profitability over 2009. Underlying profit before tax has more than doubled reflecting the continued progress that the Group has made during the year. We have benefited from our scale as the largest car retailer in the UK combined with our success in driving performance through our operational initiatives. The results of our used car operations have been particularly pleasing with outperformance against the market. We continue to make progress in our aftersales segment despite a reduced vehicle parc in some of our key franchises. New car operations performed strongly due to the franchise mix we hold and our continued improvements in this sector. While the Group performed well in 2010, what's more pleasing is to see that momentum carried forward into January, and we look forward to it continuing during 2011."
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October 2011
INTERIM MANAGEMENT STATEMENT
The October 2011 Interim Management Statement can be found here:
View Statement
August 2010
INTERIM RESULTS TO 30 JUNE 2010
We have announced our interim results for the six months to 30 June 2010.
Summary
- Revenue of £1,833.0 million (2009: £1,586.4 million)
- Operating profit £39.0 million (2009: £33.4 million)
- Underlying operating margin 2.2% (2009: 1.9%)
- Profit before tax £13.3 million (2009: £4.8 million)
- Underlying profit before tax £15.7 million (2009: £10.6 million)
- Basic earnings per share 1.3p (2009: 0.2p)
- Adjusted earnings per share 1.6p (2009: 0.9p)
- Net borrowings £346.7 million (2009: £317.7 million)
Trevor Finn, Chief Executive, commented:
"I am pleased to announce a significant improvement in the Group’s performance in the first half of 2010 as we continue to benefit from the business initiatives undertaken by management and the recovery in the market. The Group has a core business well positioned to move forward. In particular, we continue to see growth opportunities from our aftersales and used car operations, the most profitable parts of our business, and are reassured by their strong performance during the period. Assuming economic and market conditions remain stable, Pendragon is well placed to build on its strong start to 2010."
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February 2010
UNAUDITED PRELIMINARY RESULTS TO 31 DECEMBER 2009
We have today announced our unaudited preliminary results for the twelve months to 31 December 2009.
The highlights of which are:
- Revenue £3.2 billion (2008: £4.2 billion)
- Underlying gross margin 15.4% (2008: 13.2%)
- Underlying profit before tax £10.1 million (2008 loss: £33.6 million)
- Profit before tax £1.3 million (2008 loss: £194.0 million)
- Underlying earnings per share 1.1p (2008: (3.5)p)
- Basic earnings per share 0.1p (2008: (24.4)p)
- Cash generated from operations £93.3 million (2008: £53.6 million)
- Net debt reduced by £41.9m
Trevor Finn, Chief Executive commented:
"The Group has successfully dealt with the most challenging market conditions experienced since the nineties. We acted swiftly to implement significant cost saving and debt reduction actions. During 2009 we concluded a successful refinancing to secure the long term future of the Group. Consequently, we are now in sound shape and have returned to profitability. While we anticipate our market will remain difficult in 2010, we are well positioned to focus on the profit opportunities that will drive our core business forward."
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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.