|Bid||9.35 x 0|
|Ask||9.45 x 0|
|Day's Range||9.11 - 10.48|
|52 Week Range||9.08 - 28.90|
|Beta (3Y Monthly)||0.65|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.01 (13.89%)|
|1y Target Est||N/A|
Shares of Pendragon slumped 9% in London trade as the U.K. car dealer reported a "challenging" first half as revenue dropped 0.8% to £2.46 billion pounds and a £32.2 million underlying loss before tax. Saying the heightened political and Brexit uncertainty are weighing on consumer confidence, Pendragon said it expects a loss before tax at the bottom of its expectations.
The British government can be forgiven for having other things on its mind right now — and for not wanting to kick up a fuss unless it has to. the sale of aerospace and defence group Cobham to US private equity group Advent earlier this week, the government has finally got around to weighing in on the deal. on national security grounds, it was confirmed this Wednesday morning.
Pendragon swung to a loss of in the first half of the year and warned it expected to report a full-year loss at the bottom end of its expectations as “heightened political and Brexit uncertainty” weighs on consumer confidence. Britain’s largest car dealership on Wednesday reported a pre-tax loss of £32m for the six months to the end of June, down from a profit of £28m a year ago, after the group overstocked on second-hand cars. The overstocking led to a pile up of unsold used vehicles, which the group sought to address in the second quarter through cutting prices and selling down stock through auction, triggering “significant losses in the period”, which Pendragon said was “exacerbated by market-driven reduction in used car values”.
Pendragon, which operates the Evans Halshaw, Stratstone and Quickco brands, said that a strategic update scheduled to be announced in September will be delayed until a new CEO is named. Herbert has stepped down by mutual agreement and will leave the company on June 30, the company said in a statement. Shares in the company, which have fallen about 37 percent since Herbert took over as CEO on April 1, fell another 4% in early trading.
Pendragon shares crashed 23% on Wednesday as the car dealer said a jam of unsold vehicles and other problems in the business would see it fall to a small loss for the year. New chief executive Mark Herbert, who replaced 30-year veteran Trevor Finn in April, undertook a “financial and operational review” which today showed that each element of the company has problems. Herbert said: “Notwithstanding the challenging market and uncertain macro outlook, the expected loss for the year is still disappointing,” adding that he saw “opportunities to improve the business” and return to profit.
Cars dealer Pendragon plunged today after revealing an unexpected loss, piling pressure on new management just weeks after they took over. Last month cars body SMMT said new car registrations had fallen by around 3% in march as uncertainty over new diesel regulations also dented consumer confidence. As a result chief executive Mark Herbert and chief financial officer Mark Willis, who both joined this month, have launched a strategic review, although the company refused to say if this could result in parts of the business being sold off.
(Reuters) - Pendragon said on Wednesday it would review its operational and financial prospects under its new management after margin pressures led it to report an underlying loss before tax of 2.8 million ...
Britain's markets watchdog said it may ban some methods used by brokers to reward car dealers that end up overcharging an estimated 560,000 customers about 300 million pounds a year. The Financial Conduct Authority said it found widespread use of commission models that allow brokers discretion to set the customer interest rate and thus earn higher commission. "We found that some motor dealers are overcharging unsuspecting customers over 1,000 pounds in interest charges in order to obtain bigger commission payouts for themselves," said Jonathan Davidson, executive director of supervision for retail at the watchdog.
Investors are always looking for growth in small-cap stocks like Pendragon PLC (LON:PDG), with a market cap of UK£312m. However, an important fact which most ignore is: how financially healthy Read More...
Shares in car dealership Pendragon plunged as much as 20pc after it warned over profits because of a new vehicle emissions testing regime.