Pendragon Group (LSE:PDG) shares rose 10.5% on Wednesday morning after the motor retailer reported soaring profits for the three months to March 31, 2023.
Operating profit rose by 32.3% compared to a year earlier to £37.3m, the company said in a statement, which was ahead of expectations.
Despite warning used vehicle supply will likely remain tight for the foreseeable future, Pendragon pointed to “encouraging signs of improvement” in the production of new motors.
“It is really encouraging to see all of the Group's divisions in growth,” Pendragon boss Bill Berman commented. "I am delighted to report a very strong performance in the first quarter.”
Pendragon shares rose 10.5% to 19p following the news.