Pendragon Group (LSE:PDG) shares jumped by over 10% on Wednesday morning, after the car dealership firm reported growing profits and sales as the market recovers post-Covid.
On a like-for-like basis, sales of new vehicles jumped by 18.3% in the six months to June, alongside 7.2% for used cars, the group reported.
Easing supply chains following disruption from the Covid-19 pandemic aided sales, Pendragon added, with revenue up 13% to £2.09 billion and post-tax profit climbing 2% to £26.9 million as a result.
Separately, the franchiser said it had been approached by AutoNation, Hedin Mobility Group and PAG International regarding the sale of its retail and leasing operations, with discussions ongoing among shareholders.
Shares jumped 10.2% to 32.90p on the news.