Fleet News

Firm used market helps Pendragon group profits to 30% rise

DEALERSHIP group and contract hire operation Pendragon has announced pre-tax profits of £15.1 million for 1997, up 30% on 1996's £12.6 million. The company's turnover rose 32% from £581 million to £770 million, while its contract hire fleet grew from 9,500 to 10,700 vehicles.

Chief executive Trevor Finn said that, thanks to the used car market remaining firm during 1997, the contract hire business had also been able to achieve good margins on disposal of vehicles at the end of their contracts. Last year Pendragon bought 17 dealerships, mainly Ford and Vauxhall franchises, from Lex Service for £44 million.

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