Pendragon PLC PENDRAGON PLC INTERIM MANAGEMENT STATEMENT (4143W)
17 Abril 2019 - 1:00AM
UK Regulatory
TIDMPDG
RNS Number : 4143W
Pendragon PLC
17 April 2019
PENDRAGON PLC INTERIM MANAGEMENT STATEMENT (Issued 17 April
2019)
This Interim Management Statement for Pendragon PLC covers the
three-month period from 1 January 2019 to 31 March 2019. Unless
otherwise stated, figures quoted in this statement are for the
three months ended 31 March 2019.
Trading Update
-- Group Revenue +4.6% L4L (+1.2% total)
-- New Revenue +6.3% L4L (+2.6% total)
-- Used Revenue +2.9% L4L (-0.2% total)
-- Aftersales Revenue +5.5% L4L (+2.0% total)
-- New Gross Profit -5.4% L4L (-9.1% total)
-- Used Gross Profit -1.6% L4L (-1.6% total)
-- Aftersales Gross Profit -5.0% L4L (-9.0% total)
-- Operating Costs +6.2% L4L (+3.3% total)
Total Group revenue grew by 1.2% in the period, with
like-for-like growth of 4.6%. Group like-for-like new revenue
growth of 6.3% in the quarter compared to a decline in
registrations in the overall new car market, of 2.4% vs the prior
year. However, challenging trading conditions during the period
resulted in a reduction in margins in new, used and aftersales,
leading to a 5.4% fall in the like-for-like new gross profit, a
1.6% fall in the like-for-like used gross profit and a 5.0% fall in
the like-for-like aftersales gross profit. This performance,
combined with both a higher level of operating costs and increased
losses within Car Store, arising from the ongoing development and
maturation of the business (FY19 Q1: 34 stores, FY18 Q1: 26
stores), resulted in an underlying loss before tax of GBP2.8m. This
is around GBP10m lower than our expectations for the period,
comprised of c.GBP7m from the net impact of higher revenue and
lower margins, c.GBP2m of additional operating costs and c.GBP1m
from the lower than expected Car Store performance.
Operational and Financial Review
In light of this trading update and given the recent
appointments to the business of both Mark Herbert (Chief Executive
Officer) and Mark Willis (Chief Financial Officer), a review of the
operational and financial prospects of the Group is currently being
undertaken. The results of this review will be communicated to the
market during June. In addition, a strategic update will be
provided with the Interim results.
Enquiries
============
Howard Lee Headland 0203 8054822
Henry Wallers Headland 0203 8054822
=============== ============ ==============
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) No 596/2014
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END
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