Pendragon is bullish for 2010

Car retail group Pendragon yesterday said it expects profitability for the six months to 30 June to be in line with expectations, reflecting improvement in aftersales profitability. In addition, the company said that used car sales volumes have continued to grow year on year and used car margins have stabilised. In a trading statement, the company said that despite the economic and fiscal conditions, it remains cautiously optimistic about the prospects for the remainder of 2010 and expects profitability for the year to be in line with expectations. “Group new retail car sales are outperforming the market,” it said in a statement.