Pendragon share prices fell by over 21% as markets opened this morning as the AM100 franchise car retailer issued a fresh profit warning.
The publicly listed AM100 groups have taken wide-ranging approaches to debt, acquisitions and turnover targets
Lookers highlighted the “resilience and diversity” of its business model as it outperformed the market with a 4% downturn in new car revenues but growth from used cars and aftersales.
Caffyns has reported a 26.7% fall in underlying profit before tax as turnover rose by 1.25% to £106.5 million in its accounts for the half-year to September 30.
Cambria Automobiles chief executive Mark Lavery has highlighted the group's “cast iron balance sheet” after reporting a 4.9% rise in revenues and underlying profit before tax up 6.6% in its full-year financial results to August 31.
Pendragon chairman Mel Egglenton has stepped down from his position as the PLC issued its forecast of falling profits in 2017.
Pendragon is set to review and restructure its franchised dealer operations after issuing a profit warning to the London Stock Exchange.
Marshall Motor Holdings' chief executive Daksh Gupta said that the group was in a “great position to continue outperforming the market” after profit before tax rose 32.9% in a record set of interim results.
Pendragon chief executive Trevor Finn has reiterated the group’s intention to double used car revenue by 2021 after its H1 financial results revealed a 5.8% fall in new car sales revenues.
Lookers has reported 30% growth in used car turnover during a “buoyant” Q1 which saw retail volumes and rising profit across the board.
Lookers has announced turnover up by 33% to £2.34bn in a positive set of results for H1 2016 as it targets growth through targeted acquisition activities in the remainder of the year.
