Pendragon’s £30m First Half Profit But Is Criticised Over Bonus Payments

Pendragon plc says it expects profits of around £30m for the first half of the year and that it is confident about its long-term outlook. So why has shareholder Anders Hedin given them a bit of a kicking? Two words: bonus scheme.

Yes, Pendragon may well be reporting positive figures, but if a shareholder the stature of Mr Hedin isn’t happy then it’s going to cause ripples.  And that’s not good for Pendragon as a whole.

The issue of bonus payments to its top directors comes into focus every now and then for the group and Mr Hedin isn’t about to let it go, quoting various directors as being paid hefty sums.