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Pendragon leasing profits up
Date: 28 August 2013 | Author: Rupert Saunders
Stable and strong residual values enabled Pendragon Contracts, the contract hire and leasing arm of the UK's largest dealer group, to deliver operating profits of £2.8m in the first six months of the year on reduced revenue of £11.6m.
The benign market and tight financial controls allowed the business to significantly grow its operating margin, from 15.2% last year to 24.1% in the current period.
Pendragon grew its fleet by just 300 vehicles in the period and now manages 10,000 vehicles, according to the holding company's latest financial results.
