Penske, the American owner of British brands Sytner and Carshop, has posted massively increased profits with a 120+% hike to over £1.1bn. The UK arms of the business make up just under a third of the Penske Group’s turnover.
It is a mark of the Group’s abilities to turn a profit that in the same period turnover grew by just 8.3% from $5.8bn to $6.3bn.
CEO Roger Penske said: ‘During the fourth quarter, our diversified business and strong execution by our team produced record revenue, earnings before taxes, net income, and earnings per share.
‘For the year, I am pleased to report all-time record profitability including a 127 per cent increase in earnings before taxes to over $1.6bn.’