Pendragon says consumer slowdown to hit profit

Newswire

LONDON, June 25 (Reuters) - Pendragon Plc , Britain's biggest car dealer, said on Monday a slowdown in consumer spending would hit operating profit by about 20 million pounds ($40 million) this financial year, and 10 million next year. The firm said in a statement that higher interest rates, as well as cut-price competition among manufacturers of new cars, was hitting demand for used cars in particular.

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