(Reuters) – British car dealer Pendragon <PDG.L> gave a grim outlook for the year on Wednesday after posting a loss in the first-half as it cut prices to offload its used car inventory.
The company said it expects annual loss to come in at the bottom of its board’s expectations.
Pendragon also said Chris Chambers will step down as non-executive chairman and Bill Berman will take on the new role of executive chairman on an interim basis.
The company reported underlying pretax loss of 32.2 million pounds before the first-half, compared with a profit of 28.4 million pounds a year earlier.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Saumyadeb Chakrabarty)