Car retailer Pendragon has “delivered another robust performance” in the first half of 2023, according to a trading update for the six months ended 30 June.
Growth in gross profit more than offset underlying pressures of interest rate rises and ongoing cost inflation.
As a result, the Nottingham-based business expects to report a 9% increase in underlying profit before tax to £36.5m for the first half of 2023, growing from £33.5m in the same period of 2022.
Bill Berman, Chief Executive of Pendragon PLC, said: “Pendragon has continued to perform well, demonstrating the continued success of our strategy. Increased sales across all divisions and higher profitability more than offset cost pressures, resulting in a strong cash position.
“While we expect high inflation and interest rates to persist in the second half of the year, our resilient model means we are well-placed to perform in line with Boards expectations.”
