StockMarketWire.com - Pendragon upgraded its outlook on profit as performance remained 'strong' during the third quarter.

For the full year to 31 December 2021, the forecast fpr pre-tax profit was raised to approximately £70.0 million from a range of £55.0 million to £60.0 million.

The upbeat guidance comes as strong gross profit per units in both new and used cars, offset the shortfalls in new vehicle supply.

'We remain cautious about potential further disruption from Covid-19 to both our local markets and global supply chains, and, despite our broad range of sourcing channels, the impact from ongoing shortfalls in both new and used vehicle supply for the remainder of this financial year,' teh company said.

'Whilst we also continue to expect a realignment of used vehicle margins over time, we expect these to remain strong for the remainder of this financial year, providing us with some mitigation to lower new vehicle volumes in particular.'




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