Pendragon, Britain’s biggest car dealership, has posted a 71% increase in half-year pre-tax profits, helped by its £230 million acquisition of rival CD Bramall, according to the Daily Telegraph.
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The company also reportedly said trading had been good through June and July, shrugging off industry concerns that UK car sales were slowing.
According to the report, pre-tax profits jumped to £40.6 million on turnover up 68% to £1.6 billion for the six months to June 30, swelled by four months’ trading from CD Bramall. Trevor Finn, chief executive, reportedly said the purchase – which doubled Pendragon’s size – was running four months ahead of schedule.
The Daily Telegraph said typical savings included merging IT systems, which will shave £250,000 off group costs per year – so far 40 jobs have gone, largely from closing CD Bramall’s head office, costing about £2 million in redundancy payments.
Finn told the paper Pendragon would be strengthening its presence in the United States, where it owns seven Jaguar and Land Rover dealerships in California – the US business made gross £14 million profits on sales of £77.8 million.
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By GlobalData
