June 30 (Reuters) – Pendragon (PDG.L) is forced to delay vehicle deliveries due to global semiconductor shortages, the UK car dealership said on Wednesday, while warning that supplies would remain limited in the second half of 2021 .
“While the extent of the impact of the high-profile semiconductor chip shortage is not yet clear, it is becoming increasingly clear that there is likely to be a supply restriction over the course of the second half of year 21, “said Pendragon.
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Still, Pendragon said he had more visibility into the outlook than at the height of the pandemic, as he forecasted an annual underlying pre-tax profit of between Â£ 45million and Â£ 50million, up from Â£ 8. 2 million pounds last year.
For the first half of the year, the company expects to make a profit of 30 million pounds, compared to a loss of 31 million pounds last year.
Pendragon faced significant shareholder dissatisfaction with its compensation policy last month after a scorching year for the industry.
Reporting by Muvija M in Bengaluru; Editing by Shounak Dasgupta
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