(Alliance News) - Pendragon PLC on Wednesday raised profit expectations again after a good fourth quarter to date.
For 2021, the Nottingham-based automotive retailer now expects underlying pretax profit of GBP80.0 million, raised from prior guidance of GBP70.0 million. This, in turn, had been raised in October from a guidance range of GBP55.0 million to GBP60.0 million.
Pendragon said that demand for new vehicles has continued to outstrip supply, but the shortfall in October and November was lower than feared. This was all supported by strong margins for the company.
There has also been a "robust" performance in used vehicles, helped by buoyant market conditions.
Despite this, Pendragon remains "cautious" about potential further disruption from Covid-19 to both its local markets and global supply chains, but is "confident" that it will respond well to ongoing market uncertainty.
Shares were up 7.0% at 19.90 pence on Wednesday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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