Business
Results for year ended 31 December 2019
Results for year ended 31 December 2019.
About this update from Pinewood Technologies Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5861G\n Pendragon PLC\n 18 March 2020\n \n \n \n \n Pendragon PLC \n \n \n \n \n \n \n \n FULL YEAR RESULTS FOR 31 DECEMBER 2019 (issued 18 March 2020\n \n \n )\n \n \n \n \n \n \n \n \n A much improved second half performance and a return to profitability in challenging market conditions were more than offset by significant underlying losses in the first half of the year, resulting in an overall underlying loss before tax in FY19. Financial performance in the first half was impacted by a combination of issues, with the principal driver being the impact of the clearance of used car stock from excess levels. The second half performance improved as a result of actions taken by management to re-set performance, which included the closure of 22 underperforming Car Store locations, better management of used vehicle inventory and a clear focus on operational cost management. The improvement in performance during the second-half puts the business on a much stronger footing for FY20. The company is closely monitoring the unprecedented impact of the COVID-19 virus and its potential impact on the economy. At the moment, and excluding any impact from COVID-19, the company expects Group underlying profit before tax for FY20 to be in line with market expectations, but will continue to watch the situation closely, particularly in light of the measures that were announced by the UK Government on 16 March. At this stage, it is too early to accurately quantify what the impact may be.\n \n \n \n \n \n \n \n \n \n \n \n \n \n Group Financial Highlights \n \n \n \n \n \n \n o \n \n Group Revenue £4,506.1m +3.8% LFL (-2.6% total)\n \n \n \n \n o \n \n Underlying (Loss) / Profit Before Tax £(16.4)m loss \n \n (2018 : £47.8m profit). H1 underlying loss of £(32.2)m loss, H2 underlying profit of £15.8m\n \n \n o \n \n Non-Underlying Charge of £97.7m \n \n (2018 : £92.2m charge) including a non-cash charge principally for impairment of goodwill and non-current assets of £130.2m. \n \n \n o \n \n Loss After Tax £(117.4)m (2018 : £(50.5)m loss) \n \n \n \n o \n \n Dividend - \n \n The Group is not proposing a final dividend for FY19 (2018: 0.7p) \n \n \n o \n \n Net Debt \n \n - £119.7m (FY18 : £126.1m), down 5.1% \n \n \n \n \n \n Like for like (LFL) resul...