Business
Results for the year ended 31 December 2022
Results for the year ended 31 December 2022.
About this update from Pinewood Technologies Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n 22 March 2023\n \n \n Pendragon PLC\n \n Full year results for the financial year ended 31 December 2022\n \n \n ·\n Strong financial performance in challenging environment\n \n \n ·\n Continued investment in strategic initiatives driving growth in gross profit\n \n \n ·\n Strengthened balance sheet with further reduction in adjusted net debt\n \n \n ·\n Positive start to FY23; well-positioned to make further progress against strategy\n \n \n \n \n \n \n Bill Berman, Chief Executive Officer, said:\n \n \n \"We delivered a resilient trading performance against a challenging backdrop last year. These results clearly demonstrate the strength of our operations, and it is all underpinned by the great strides we are making against our strategy which ensures we are well placed to meet the needs of our customers and OEM partners, and to create value for all of our stakeholders.\n \n \n \n \n \n \"During the year we have continued to invest in strategic initiatives across the business that drive growth. We launched CarStore.com, which is now our primary marketplace for all our used car inventory. The platform lists approximately 12,000 cars across our brands, more than any of the new platforms that have entered the market since 2019 and the market outperformance of our used car division in the second half showed the benefits of our investment in CarStore.com. We also invested more than ever before in Pinewood to further maximise the benefit that our DMS technology brings both to our external customers and to our business, where it is powering improvements made across our portfolio. We further expanded our new car representation after being selected by BYD, the world's largest new energy vehicle manufacturer, to be a UK launch partner in 2023.\"\n \n \n \n \"We finished FY22 with good momentum, and trading has been positive in the first two months of FY23. We remain mindful of the potential headwinds from challenging macro-economic conditions. However, we continue to expect our ongoing operational initiatives and growth opportunities to more than offset operating cost inflation within the business this year and the Board remains confident in the prospects for the Group in 2023.\"\n \n \n \n Group Financial Highlights\n \n \n \n \n \n £m\n \n \n ...