Vehicle dealer Pendragon warns on profits and launches review of its business

This is around £10m lower than Pendragon had expected for the period.

The Evans Halshaw and Stratstone owner saw first-quarter like-for-like gross profits slide 5.4% on new cars, 1.6% on used cars and 5% on aftersales, which includes servicing and repairs.

Pendragon said this was down to "challenging trading conditions" during the period. It comprises about £7m from the net impact of higher revenue and lower margins, £2m of additional operating costs and £1m from the lower-than-expected Car Store performance.

Vehicle sales have been steadily falling as nervous consumers hold off on big-ticket purchases, while new emissions regulations have also dented demand.

Dealers have reduced prices to drive an increase in sales but have seen margins hammered as a result.

MJ: Tiger's Masters win was 'greatest comeback I've ever seen'
Mentally, you always think you can. "He had to change his game; he had to change his perspective a little bit", Jordan said. He's won a tour event [the Tour Championship]. " His confidence is only going to build from here ".

As a result, it told the London Stock Exchange today in an interim management statement: 'In light of this trading update and given the recent appointments to the business of both Mark Herbert (chief executive officer) and Mark Willis (chief financial officer), a review of the operational and financial prospects of the group is now being undertaken.

In an interim management statement for the three months to 31 March 2019, Pendragon reported a 4.6 per cent increase in like-for-like revenue.

In October 2018, the company issued a profit warning, saying that new European Union regulations on vehicles had disrupted supply.

At 0920 BST, the shares were down 5.6% to 23.74p.

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