Pendragon PLC PENDRAGON PLC Pre-close Update (5599D)
30 Giugno 2021 - 8:00AM
UK Regulatory
TIDMPDG
RNS Number : 5599D
Pendragon PLC
30 June 2021
PENDRAGON PLC Pre-close update
(ISSUED 30 June 2021)
Pendragon PLC (the "Group") today provides a pre-close trading
update and reinstates guidance for the remainder of FY21.
The Group has continued to make strong progress against its
strategic aims during the second quarter of FY21, outperformed in
its new car markets and capitalised on favourable trading
conditions, in particular in the used vehicle market where supply
constraints and pent-up demand have increased vehicle pricing,
driving higher margins. The Group executed well during this period,
and as a result of particularly strong conditions in May and June,
expects to report Group underlying profit before tax of c.GBP30m
for the first-half of FY21 (H1 FY20: underlying loss before tax of
GBP31.0m).
There remains continued uncertainty as we move in to the
second-half of FY21 with potential further disruption from
Covid-19, an expected realignment of used vehicle margins and the
risk of both new and used vehicle supply constraints. Whilst the
extent of the impact of the well-publicised semi-conductor chip
shortage is not yet clear, it is becoming increasingly apparent
there is likely to be some restriction of supply during the
second-half of FY21, with vehicle order times already being
extended.
As a result, there remains a wide range of possible outcomes for
the full-year. However, the Group now has more visibility on the
outlook than at the height of the pandemic and is therefore in a
position to reinstate guidance. Accordingly, Group underlying
profit before tax for FY21 is now expected to be in a range of
approximately GBP45m to GBP50m (FY20: GBP8.2m). The Board continues
to believe that the Group's strategy positions it well to respond
to the ongoing market uncertainty and remains confident in the
long-term outlook.
Enquiries
===========
Henry Wallers Headland 07876 562436
Jack Gault Headland 07799 089357
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