Car dealership group Pendragon says supply constraints slow vehicle sales as profits dive
Car dealership group Pendragon said this afternoon that “supply constraints” have impacted new vehicle volumes over the past six months as it said profits will dip year on year.
The company said it expects to post a pre-tax profits of around £33m for the six months to the end of June, compared with £35.1m over the same period last year.
Pendragon also said that used vehicle volumes were also lower for the year, as supply constraints from lower new car production had a knock-on impact.
The group cautioned shareholders that supply pressures “are expected to continue for at least the remainder of the current financial year” and highlighted that depressed consumer sentiment could also impact demand.