StockMarketWire.com - Auto dealer Pendragon swung to a first-half profit after an easing of lockdowns helped fuel a recovery in demand.

Pre-tax profit for the six months through June amounted to £35.5 million, compared to year-on-year losses of £4.7 million. Revenue jumped 49% to £1.82 billion.

Pendragon also swung to an underlying profit of £35.1 million, which it said exceeded its expectations.

It added that its digital propositions helped it mitigate the impact of the UK's third national lockdown in the first quarter.

Pendragon said it was expecting a continued shortage of new and used vehicle supply for the remainder of the year, but stuck to its annual guidance.

'We're continuing to deliver on our strategy and see significant prospects for the Group to capitalise on the exciting market opportunities ahead,' chief executive Bill Berman said.

Underlying pre-tax profit for the full year was expected at between £55 million and £60 million, ensuring the company stayed on track to deliver a target of £85 million-to-£90 million by 2025.


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