Pendragon PLC Pendragon PLC Trading Update (2770O)
07 Octubre 2021 - 1:00AM
UK Regulatory
TIDMPDG
RNS Number : 2770O
Pendragon PLC
07 October 2021
PENDRAGON PLC Trading Update
(ISSUED 7 October 2021)
Strong performance in Q3 and upgrade to full-year underlying PBT
expectation
Pendragon PLC (the "Group") today provides a trading update and
increases underlying profit before tax guidance for the full year
to 31 December 2021 from approximately GBP55.0m - GBP60.0m to
approximately GBP70.0m.
Performance has remained strong during the third quarter, with
the shortfalls in new vehicle supply
mitigated by strong gross profit per units in both new and used
cars, as well as cost and efficiency savings delivered under the
Group's strategy implementation.
The level of new vehicle order-take has remained robust
throughout the quarter and remains above the same period last year.
However, the well-documented challenges to new car supply, combined
with lower levels of opening inventory, have resulted in a
reduction in the level of vehicle deliveries achieved. The market
for new car registrations, as reported by SMMT, is down by 34.4%
year-on-year in the important plate-change month of September, with
a number of the volume brands which we represent being more heavily
impacted. Whilst supply has remained a challenge, new car margins
have remained strong as a result of these supply shortages, and
have also helped to mitigate the volume shortfall.
In used cars, we continue to see benefits from the improvements
delivered as a result of the strategic changes we have made and our
sourcing advantages, as well as unprecedented tailwinds in used car
margins. Combined, this has resulted in used car gross profit being
ahead of our expectations during September.
We remain cautious about potential further disruption from
Covid-19 to both our local markets and global supply chains, and,
despite our broad range of sourcing channels, the impact from
ongoing shortfalls in both new and used vehicle supply for the
remainder of this financial year. Whilst we also continue to expect
a realignment of used vehicle margins over time, we expect these to
remain strong for the remainder of this financial year, providing
us with some mitigation to lower new vehicle volumes in
particular.
Our strong year to date financial performance, together with
these factors, means that we now expect Group underlying profit
before tax for FY21 to be approximately GBP70.0m. The Board
continues to believe the Group's strategy positions it well to
respond to the ongoing market uncertainty and to capitalise on any
resultant opportunities.
Enquiries
===========
Howard Lee Headland 07836 785993
Oliver Cooper Headland 07919 143774
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END
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