UK’s second biggest automotive firm Pendragon’s profits soar in post-pandemic revival
The second biggest automotive retailer in the UK, Pendragon, increased its underlying pre-tax profit by ten-fold in 2021.
The Nottingham-based firm increased its revenue by 18 per cent from the pandemic year, making £61.5m in profit after 2020’s near-£25m loss.
It also had £83m in underlying profit before tax, a major improvement from 2020 which had £8.2m.
Bill Berman, Pendragon’s chief executive, attributed to the growth to its “new strategy” at the end of 2020, saying: “ “Our sector has experienced a unique set of trading conditions during the period and I am delighted with how we have performed in this environment.
“We have made the most of the favourable market dynamics to deliver record underlying profits and we have also reported a return to profit for CarStore, our relaunched, used car brand.
He also warns about supply chain issues, owing to rising inflation and the war in Ukraine.