February 14, 2017 / 7:13 AM / in 8 months

BRIEF-Pendragon sees 2017 performance in line with expectations

Feb 14 (Reuters) - Pendragon Plc:

* Results for year ended Dec. 31, 2016

* Used vehicle revenue growth is a key strategic goal and revenues have grown by 64 pct in 5 years at a compound annual growth rate of 10.4 pct

* Investment in additional physical capacity for used vehicle sales continues so that we can achieve at least double digit growth in used vehicle revenue in 2017

* Used vehicle revenue up +9.5 pct on a like for like basis (+5.6 pct total) as we continue to increase our market share

* Aftersales revenue up +7.3 pct on a like for like basis (+4.1 pct total) as a result of market tailwinds and our initiatives

* New vehicle revenue up +3.1 pct on a like for like basis (-1.4 pct total)

* Underlying operating margin 2.2 pct - in line with prior year

* Our underlying profit before tax has increased by 7.6 pct in year as our growth continues

* Believe can achieve at least double digit growth in used revenue in 2017 and aspiration over next five years is to double our used vehicle revenue - CEO

* Our growth in used vehicle revenue on a like for like basis in January 2017 exceeded increase required to achieve our growth aspirations

* Anticipate our performance for 2017 will be in line with expectations - CEO

* Proposing a final dividend of 0.75p per share in respect of 2016 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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