Pendragon Expects Underlying Profits To Surpass Expectations In 2014
News: UK-based auto dealer Pendragon expects its underlying profits to surpass expectations in 2014, according to an interim management statement by CEO Trevor Finn. This expectation came after the company reported strong trading results in Q114. The company's online used-car like-for-like profitability increased by 19% in the reported period, while its new car gross like for like profitability rose by 13%. Pendragon also reported a 12.5% rise in gross profit and a 30.5% increase in operating profit in Q114. The statement said: 'We are seeing the positive impacts of the investment in our business model transformation expensed in 2013 which has benefitted operating leverage in quarter one 2014.'