- Auto dealer Pendragon swung to an annual loss after it wrote down the value of its assets to the tune of £95.8m and car sales fell.

Pre-tax losses for the year through December amounted to £44.4m, compared to profits of £65.3m on-year.

Pendragon said the write-down was necessary 'following assessments of the carrying value of those assets which have been calculated by taking into account trading and market conditions on future cash flows'.

Revenue fell 2.4% to £4.63bn and underlying pre-tax profit fell 21% to £47.8m.

Pendragon said the weaker underlying performance was due to a decline in UK motor division new vehicle gross profit, and the investment in new car store sites and refurbishment factories.

The company declared a final dividend of 0.7p per share bringing the full year dividend to 1.50p per share.

'We have seen strong performance in used cars in the second half of the year, with the transformation of preparation facilities and processes now embedded in our car stores,' chief executive Trevor Finn said.

'We anticipate this will carry on into 2019 and beyond as our new car store businesses further boost our used car growth.'

'New car sales have been subdued and consumer confidence has been adversely affected in the period by macro newsflow.'

'However, our Software business is continuing to win market share and has now deployed systems in twelve overseas countries.'

'Our leasing business has grown profitability with a stable base of vehicles under management.'

Story provided by