Pendragon PLC, the UK’s leading automotive retail group, today reported its audited results for the 12 months to 31 December 2010.
The Group has experienced a solid year and has made positive strides forward, showing a significant uplift and improvement in profitability.
The contract hire division has made a good contribution to the Group’s solid performance. The decline in the Contract Hire fleet size is wholly attributable to complete withdrawal of funders in the SME and personal leasing market. Despite not renewing any contracts with clients in these sectors the division has delivered a profitable year.
2011 is expected to show stabilization of the fleet size with the business building on significant recent new business wins such as Hanson and PHS, The Business has expanded the funding panel to allow it to compete more directly with the Bank owned leasing sector on a strategic basis.