Car retailer Pendragon posts 15% hike in H1 profit |
|
|
Published
:
Mon, 07 Aug 2006 09:40
|
LONDON: U.K.'s car retailer Pendragon Plc. reported a 15 per cent rise in its first half profit and said its acquisition of rival firm Reg Vardy had helped it to boost the profit.
The company said its profit before tax and exceptional items for the six months ended June 2006 stood at 42.3 million pounds compared with 36.8 million pounds in the corresponding previous year period. Pendragon had paid 500 million pounds to buy Reg Vary. .
Sales rose 51 per cent to 2.65 billion pounds.
The firm said it expected the car market to remain "tough" for the rest of the year, but hoped to make further progress.
Chief executive Trevor Finn said the acquisition of Reg Vary had made a significant contribution to the company's first half results and its integration continues to progress well.
"The underlying performance of the group has been solid despite a falling U.K. car market," he said in a statement.
Pendragon has its operations in the U.K., Germany and the U.S. and sells luxury brands like Porsche, BMW, Ferrari and Jaguar and cheaper Ford, Vauxhall and Nissan vehicles.
The company said it is raising the interim dividend by 10 per cent to 7.25 pence per share.
Pendragon shares closed at 540-1/2 pence on Friday, valuing the business at around 709 million pounds.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
1617.01 |
+17.95 (
1.13 %)
|
| SYMBOL (
2009-01-08 ) |
| LAST |
CHANGE
|
| SYMBOL (
2009-01-08 )
|
| LAST |
CHANGE
|
| SYMBOL (
2009-01-08 )
|
| LAST |
CHANGE
|
|
|
Print this Story
Pendragon proposes three-way merger of car dealers 