Auto dealer Pendragon has said that underlying profit is expected to be in “around the bottom end of market expectations”, on the back of a “challenging consumer environment”.
The struggling retailer closed 22 underperforming car store locations during the second half of its financial year ending 31 December.
However, the company said it remained “confident” that improved performance during the second-half has put the business on a “much stronger footing” for 2020.
Pendragon, which operates the Evans Halshaw, Stratstone, Quickco and Car Store brands, said its franchised UK motor division was most affected by challenging market conditions during the final quarter of the year.
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