Pendragon takes the fast lane

A SURGE in sales of BMW models and the new Mini gave motor dealer Pendragon its best-ever pret-ax profits of £30.6m last year, up from £4m in 2000. Generous financing terms helped the group, Britain's largest car dealer, to raise sales 5% to £1.7bn.

Chief executive Trevor Finn said the good times have rolled on since the year-end, with UK car sales for January ahead 9%.

Dividends rose 8% to 15.9p. Finn sees the European Union reforms on dealerships as a move in the right direction and expects more mergers. He said: 'We are in good shape and so is the trading environment.' The shares, which rose 38 1/2p on THursday night to 289 1/2p, still sell at under eight-times likely earnings, and yield nearly 6%.