October 2, 2022

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War in Ukraine could hit car industry, warns showroom operator Pendragon

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A Pendragon showroom  (Pendragon)

A Pendragon showroom (Pendragon)

Luxury motor vehicle supplier Pendragon has reported history whole-12 months once-a-year earnings and earnings pushed by a resurgence in the used car market, but pointed to possible bumps in the road because of to Russia’s invasion of Ukraine.

The corporation recorded file income past 12 months of £83 million, up 912% from £8.2 million a 12 months previously.

The increase was attributed to a new strategic path for the firm that incorporated charge-chopping actions.

Revenues also climbed 18.% to £3.44 billion from £2.92 billion the former yr.

It said it experienced “benefited from the scarcity in new cars”, with need driving up the selling price of utilised cars. Applied automobile income at the team was up 43% very last year.

Pendragon chief executive Invoice Berman reported the corporation experienced sent a potent established of results, with “positive contributions” from all pieces of the small business.

But he warned: “We count on current source chain constraints to proceed in the recent 12 months, and we are mindful of the possible for even further disruption to new car or truck source chains as a result of the conflict in Ukraine.

“Despite this, we have the suitable approach in position and we be expecting to make good progress towards our very long-expression ambitions this calendar year.

Pendragon was the matter of a failed £400 million takeover bid from European rival car supplier and 25% Pendragon shareholder Hedin Group earlier this thirty day period.

Reports recommend Hedin, which operates a lot more than 200 car or truck showrooms in Belgium, Norway, Sweden and Switzerland may possibly make yet another bid for the car or truck seller this yr

Pendragon announced this 7 days that it was redeveloping its flagship Stratstone Jaguar Land Rover franchise in Mayfair.

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