Pendragon doubles profit

22nd Feb 2011 08:10

Robust demand for new and used cars helped Pendragon, the UK's largest car dealer, more than double full year profit as momentum carried forward into January 2011.Underlying pre-tax profit rose to £25.2m in the twelve months to 31 December 2010 from £10.1m the year before. Revenue rose to £3.6bn from £3.2bn before. Pendragon said the strong recovery in Stratstone and improvement in the Evans Halshaw divisions has continued and the results from California and the Support Businesses are encouraging."While the group performed well in 2010, what's more pleasing is to see that momentum carried forward into January, and we look forward to it continuing during 2011," said chief executive Trevor Finn said in a company statement.No dividend payment has been recommended as it focuses on paying down debt.