Automotive retail network Pendragon has posted a higher yyear-on-year six-month profit thanks to a strong demand for second-hand cars.
Despite decreased sales of new cars, the owner of the Evans Halshaw and Stratstone chains second hand volumes rose 13.2% in the first six months of 2011, pushing underlying profits up by 13% to £17.7 million.
However, revenue for the six months to June at Pendragon, which sells cars from more than 300 sites, was 3% lower at £1.77 billion.
The company said when compared to last year's results, new car sales fell in its Evans Halshaw and Stratstone divisions.
The launch of the Range Rover Evoque and Jaguar XF models later this year are expected to boost the second half performance for at Stratstone. But the division, which sells luxury brands such as Aston Martin, BMW and Maserati, reported a drop in profits by nine per cent to £15.5 million.
Revenues at Evans Halshaw have decreased by 1.8% on a like-for-like basis. However, the profits have increased by 19% to £14.4 million after strong used car and aftersales income.
The division sold over 90,000 vehicles in the first six months of 2011.
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