Pendragon trading ahead of initial forecasts

17th Nov 2009 08:23

Car dealer Pendragon said trading for the four months ended 31 October 2009 has been ahead of plan as the government's scrappage incentive scheme boosted sales.The company's performance was also helped by good cost control and an improved used car performance, it said.The scrappage scheme benefited its Evans Halshaw brand where new car sales are ahead for the four months to October by 3%. However sales in its Stratstone premium brands business 'benefited very little from the scrappage scheme', but nevertheless saw new car sales rise 5.2% from last year. UK new car demand has continued to show growth compared with the equivalent period last year, the group said. Pendragon also expects profitability to continue to benefit from a stable used car and aftersales market for the remainder of the year. "We are confident that this year's results will be in line with our current expectations and ahead of our original plan for the year," said Pendragon.