Nottingham-based Pendragon reported underlying pre-tax profits of £8.7m in the six months to June 30 – this is less than half the level seen a year ago, but a marked improvement on the £200m in annual losses reported earlier this year. Pendragon said it was benefiting from moves to cut costs, having closed a further 14 franchises in the first half of the year, and keeping staff numbers under review. The group has already closed or sold 53 dealerships, as well as removed more than 3,000 jobs in a £60m cost reduction programme. Pendragon now has 279 franchises in the UK, of which 128 trade as Stratstone and 130 as Evans Halshaw, as well as 21 truck dealerships trading under the Chatfields brand. A plunge in first half like-for-like sales volumes across its brands showed the impact of ongoing tough conditions, with a 27.3% fall for Stratstone and 33.6% drop for Evans Halshaw.