11:34 pm, February 23, 2010
PENDRAGON has posted a return to annual profit in 2009 thanks to the scrappage scheme.
Chief executive Trevor Finn said cost control and used car sales boosted the company, which trades in the UK as Evans Halshaw, Stratsone and Chatfields.
Interestinsly he forecast an improved performance for 2010 – a year many fear could be very difficult. This prediction from such a top industry figure is a welcome boost to the car industry.
‘While we anticipate our market will remain difficult in 2010, we are well positioned to focus on the profit opportunities that will drive our core business forward,’ he told the New York Times.
Pendragon made an underlying pretax profit of £10.1m compared to a loss of £33.6m the year before.
‘The group has successfully dealt with the most challenging market conditions experienced since the nineties,’ added Finn.
‘We acted swiftly to implement significant cost saving and debt reduction actions. During 2009 we concluded a successful refinancing to secure the long-term future of the group.
‘Consequently, we are now in sound shape and have returned to profitability.’
Pendragon sells around one in 20 new cars in the UK.
