Pendragon - which owns the Stratstone and Car Store brands, among others - said underlying pre-tax profit in the three months to 30 September was £27.3m, an 810% improvement on the same period a year earlier. Revenues fell 13.8%, or by 1.2% on a like-for-like basis, which strips out new store openings. Like-for-like gross profits rose 9.8%. Pendragon said the third quarter had been "very strong", adding: "The profit in the quarter has almost entirely offset the losses incurred during the first half as a result of Covid-19, with the year-to-date underlying loss before tax reduced to just £3.6m." Group new vehicle revenues were down 1.2% on a like-for-like basis during the three months, slightly ahead of the overall market, which was off 0.5%. Group used vehicle revenues were flat on the same basis, but gross profit rose 25.9%. Cost reduction programmes and store closures helped reduce costs by 9.2%, while net debt as at 30 September was £26.9m, compared to £46.0m at the half year.