Fleet News

Pendragon profits soar as lease fleet expands

PENDRAGON - the dealer chain and contract hire operation - has announced a profits boost of 11% to £5.85 million for the six months ended June 30 up from £5.27 million on the same period last year on turnover up from £247.7 million to £276.1 million. Earnings per share also go up 11% to 10.2p while the company has invested £8.3 million in new business - mainly in the development of its Greater London Fiat project.

At its April annual meeting the company said it had secured exclusive representation for all Fiat and Alfa Romeo franchised points inside the M25 motorway.

With total new car registrations in the UK for the first half of 1996 up 5% against the same period in 1995 registrations of the market leaders in the EC volume sector of the market remained flat. New models from Volkswagen and Fiat helped increase their unit sales by 39% and 19% respectively.

In the EC luxury sector, registrations of Land Rover and Jaguar were down 10% on last year and a major model change led Volvo to record a 24% reduction in sales. Business was increasing for BMW, Mercedes-Benz and other luxury brands.

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