StockMarketWire.com - Pendragon issued a profit warning, saying that it expects full-year profit before tax to fall to £60m.

That would mark a fall from the previous year's figure of £75.4m.

"The decline in demand for new cars and the consequent used car price correction has impacted this year's profit outturn," Pendragon said.

The company said it expects a resumption of profit growth to take place in 2018.

Third-quarter revenue on a like-for-like basis grew by 3.7%, including used car revenue growth of 18.1%.

Pendragon also announced that chairman Mel Egglenton had stepped down for personal reasons, with immediate effect. He has been replaced by non-executive director Chris Chambers.


At 8:34am: [LON:PDG] Pendragon PLC share price was -5.12p at 23.88p



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