Fleet News

Sales boom boosts dealer profits

BOOMING car sales, including fleet vehicles, helped two of Britain's biggest dealer groups to boost profits in the past half year.

CD Bramall achieved record pre-tax profits for the six months to June 30, 2002, of £13.3 million, a rise of 20% compared to the same period last year, on turnover up from £495.1 million to £530.7 million.

New car retail sales were up 11% while fleet sales were up 3%. In total the group sold more than 30,000 new and 24,000 used cars. The firm has also acquired several businesses.

Chairman Tony Bramall said: 'We are confident that we have in our acquisition of Quicks obtained a business that complements the existing group to give us the ability to grow the business.'

Rival Pendragon boosted turnover in the same period by 14% to £998 million (2001: £879 million), with pre-tax profits up 17% to £15.5 million (2001: £13.3 million).

Trevor Finn, chief executive, said: 'This demonstrates the benefits of the measures we have taken to consolidate our market position.'

The firm is currently buying back its own shares, using profits from property sales, in a bid to increase earnings per share.

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