Pendragon PLC Pendragon PLC Full Year Trading Update (7409N)
25 January 2023 - 6:00PM
UK Regulatory
TIDMPDG
RNS Number : 7409N
Pendragon PLC
25 January 2023
PENDRAGON PLC FULL YEAR TRADING UPDATE
(ISSUED 25 January 2023)
Pendragon PLC (the "Group") today provides a trading update for
the year ended 31 December 2022. Unless otherwise stated, figures
quoted in this statement are for the 12 months ended 31 December
2022 and the comparative period being the 12 months ended 31
December 2021.
Overall financial performance for the fourth quarter of FY22 was
slightly ahead of the Board's expectations, with a strong
underlying trading performance more than offsetting higher
operating and interest cost pressures. Trading during the quarter
was underpinned by strong volume growth in new cars, with the Group
delivering like-for-like volume growth of 4.6%, and outperforming
the retail new car market growth of 1.0%. Used car volumes also
grew by 5.2% on a like-for-like basis in Q4, a notable improvement
on the declines seen in the third quarter.
As a result of this performance, FY22 Group underlying profit
before tax is expected to be approximately GBP57m (FY21: GBP83.0m),
slightly ahead of market expectations(1) .
The Group continued to improve its financial position during
FY22, with adjusted net debt of approximately GBP23m (FY22:
GBP49.7m) as at 31 December 2022.
Outlook
We are pleased with the operational and financial performance
during FY22 as well as the continued progress against our long-term
goals. We expect constraints in both new and used vehicle supply to
continue into 2023, however, the new car order bank remains strong
and there are some early signs that new car supply may be beginning
to improve which we expect to drive growth in new car volumes
during 2023. We expect our ongoing initiatives and growth
opportunities to more than offset operating cost inflation within
the business. Accordingly, the Board remains confident in the
prospects for the Group in the year ahead.
Notice of Results
The Group will publish its preliminary results for FY22 on 22
March 2023.
Bill Berman, Chief Executive of Pendragon PLC, commented:
"We closed out the year with a positive performance in the final
quarter, which saw volume growth in both new and used vehicle
sales. Despite the numerous challenges we have faced across our
markets and in the economy at large, we performed strongly in 2022
and this shows the benefits of the improvements made across the
business in recent years. Whilst market challenges will persist in
2023, we enter this new year with confidence and good momentum, and
we look forward to making further progress against our strategic
objectives."
(1) Market expectations based on an average underlying profit
before tax of GBP54m and a range of GBP53m to GBP55.3m for FY22, as
at 24 January 2023
Enquiries
===========
Henry Wallers Headland 07876 562436
Jack Gault Headland 07799 089357
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