Business
INTERIM MANAGEMENT STATEMENT AND STRATEGY UPDATE
INTERIM MANAGEMENT STATEMENT AND STRATEGY UPDATE.
About this update from Pinewood Technologies Group Plc
[{"type":"text","content":"\n \nRNS Number : 2670U Pendragon PLC 23 October 2017 \n\n \nPENDRAGON PLC INTERIM MANAGEMENT STATEMENT AND STRATEGY UPDATE\n(ISSUED 23 October 2017)\n \nThis Interim Management Statement and strategy update for Pendragon PLC, the largest and leading automotive online retailer in the UK, covers the period from 1 July 2017 to 20 October 2017. Unless otherwise stated, figures quoted in this statement are for the three months ended 30 September 2017.\n \nTrevor Finn, Chief Executive:\n \n\"Following a strategic review, the Board is now committed to focussing on reshaping the business to accelerate transformation.\n \nWe are placing our software and online technologies at the heart of our business as a platform to fulfil customers' vehicle and servicing needs.\n \nWe believe this strategy will provide more reliable and sustainable returns.\"\n \nStrategy\n \nThe Board has carefully considered the strategic priorities of the Company. As a result we announce that:\n \nUsed Cars and Aftersales Servicing\n \n· We remain committed to our strategic goal to double used car revenue over the five years to 2021 and in order to maintain growth in our used car and aftersales business we will continue to invest in capacity across the UK in both of these areas.\n· In order to enhance and accelerate our progress in this area we will be seeking to make a senior appointment to lead all aspects of our UK used car operations.\n \nUK New Car business\n \n· We are conducting a strategic review of the premium brands, to evaluate by\nmanufacturer the investment appeal of their franchise proposition. \n· We will review capital requirements by manufacturer and only allocate capital where\nwe see strong future prospects for reliable returns.\n \nUS Motor Group\n \n· The conclusion of the strategic review of the US Motor Group has determined that\nthere will be no further acquisitions in the USA.\n· The Board considers that it would be appropriate in the light of our capital allocation\npriorities to assess the ongoing value of this business to the Group.\n \nSoftware and online\n \n· Our Software busine...