Interim Results June 2016
2ND AUG 2016
This Interim Management Statement for Pendragon PLC, the UK's leading automotive online retailer, covers the period from 01 January 2016 to 30 June 2016. Unless otherwise stated, figures quoted in this statement are for the six months ended 30 June 2016.
Trevor Finn, Chief Executive:
“The business continues to perform strongly with underlying profitability up by 9.7%, as we achieved a near doubling of profitability in three years. The underlying trends in the aftersales and used vehicle markets provide a strong tailwind. Our performance is due to our focused strategy, the online growth of our brands and strong processes, helped by the launch of ‘Move Me Closer’ and ‘Sell Your Car’. Whilst the UK’s decision to exit the EU has caused some uncertainty, to date we have not experienced any noticeable change in our customers’ behaviour and, based on discussions with our franchise partners, we do not anticipate any material effect on new vehicle pricing as a result of exchange rates. We anticipate our performance for 2016 will be in line with expectations.”
Financial Highlights
- Underlying profit before tax up £3.9 million (+9.7%), from £40.3 million to £44.2 million
- Underlying earnings per share up 0.2p (+9.5%), from 2.1p to 2.3p
- Interim dividend of 0.7p per share following our 2015 final dividend of 0.7p per share
- Share buyback programme of £20 million underway with £2.6 million purchased and cancelled to date
