This Interim Management Statement for Pendragon PLC, the largest and leading automotive retailer in the UK, covers the period from 1 July 2015 to 24 October 2016. Unless otherwise stated, figures quoted in this statement are for the three months ended 30 September 2016.
Trevor Finn, Chief Executive:
"Despite significant commentary on the potential negative impact of the EU Referendum, we have not experienced any noticeable change in our customers' behaviour and we have continued to grow our business. Like for like Group sales grew 5.7% in Q3 versus a strong comparator and Group underlying profit increased by 6.3%. We are particularly pleased with our used revenue growth which accelerated to 8.3% on a like for like basis. The performance of the Group is in line with expectations for the full year."
- Revenue grew by 5.7% on a like for like basis with used revenue growth accelerating to 8.3%
- Aftersales gross profit grew by 3.2% on a like for like basis
- Used gross profit grew by 0.5% on a like for like basis
- New gross profit increased 4.2% on a like for like basis
- Overall in the quarter, underlying like for like profit before tax increased by 6.3%.
- Online visits to Stratstone.com and Evanshalshaw.com increased by 16.0% in the nine months to 30 September 2016.
- Our financial position is strong, with our debt ratio remaining significantly below our target range.
- To date we have completed £6.1m of the £20m share buyback programme that we announced in May of this year.