August 7, 2018 / 6:52 AM / 15 days ago

Dealership Pendragon's first half profit drops 41 percent

LONDON (Reuters) - Car dealership chain Pendragon (PDG.L) saw its underlying pre-tax profit drop 41 percent to 28.4 million pounds in the first half of 2018 due to a fall in its UK motoring division, the biggest part of the business.

The firm, however, said its full-year performance would be in line with expectations as both the used and new car market improved.

British new car registrations are down more than 5 percent this year, hit by a clampdown on diesel and uncertainty caused by Brexit, a trade industry body has said.

Pendragon has previously said it would focus more on second-hand sales as it transforms its operations and sells its U.S. division.

Reporting by Costas Pitas; editing by Sarah Young

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