Pendragon PLC Trading Statement (5982B)
January 08 2015 - 2:00AM
UK Regulatory
TIDMPDG
RNS Number : 5982B
Pendragon PLC
08 January 2015
TRADING STATEMENT - PENDRAGON PLC (ISSUED 8-JAN-2015)
Pendragon PLC, the largest and leading automotive retailer in
the UK, announces the following update in advance of its full year
results for the year ended 31 December 2014.
Trading update
Further to the Interim Management Statement issued on 31 October
2014, we are pleased to report, for the third time for the 2014
financial year, that our full year results will be ahead of
expectations.
We will announce our full year results on Tuesday 17 February
2015.
We continue to be cautiously optimistic about the prospects for
2015.
Other Highlights
-- Trading performance in our Motor Division continues to be
ahead of the prior year. Used car performance has progressed
further against a market we expect has been broadly flat.
-- Visits to Stratstone.com, Evanshalshaw.com and Quicks.co.uk
increased by 18.8% in the fourth quarter.
-- The immediate post-Christmas period has seen an increase of
36% in web visits. Interestingly, we have noted a 65% increase in
tablet and mobile device activity in that period.
-- Our 'Sell Your Car' initiative has progressed, with 38 retail
points now operating from our dealerships in the UK. The consumer
can sell their car direct to evanshalshaw.com, who will pay them
more than 'webuyanycar.com'. This provides an inflow of used cars
sourced directly from consumers.
-- Towards the end of the year we completed the purchase of some
of our leasehold dealership properties for GBP12.9m to yield an
annual rent saving of approximately GBP1.3m.
-- We expect our year end debt : underlying EBITDA ratio to be
better than our target range of 1.0 to 1.5 times.
Trevor Finn, Chief Executive:
"We are pleased to report that our 2014 full year performance
will be ahead of expectations. Our strategic focus on used
performance and our online activities continues to deliver enhanced
value and we are looking forward to some exciting opportunities to
come in 2015."
Enquiries
================ =================== =============== ==============
Pendragon
Trevor Finn Chief Executive PLC 01623 725114
Pendragon
Tim Holden Finance Director PLC 01623 725114
Gordon Simpson Partner RLM Finsbury 0207 2513801
Associate
Philip Walters Partner RLM Finsbury 0207 2513801
================ =================== =============== ==============
This information is provided by RNS
The company news service from the London Stock Exchange
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