Car dealer Reg Vardy today motored in with record fortunes in spite of experiencing a tough trading environment.
The company, which employs 700 at outlets throughout the Tees Valley, posted half-year pre-tax profits of £21.1m up from £17.3m for the same period of the previous year.
Sir Peter Vardy, chief executive, said: "The group has delivered sales growth and a record profit in the first half of the financial year against a challenging market drop.
"This has been achieved through improved management systems coupled with enhanced returns from underperforming dealerships."
Last year Vardy agreed to sell to Pendragon in a £450m deal.
But analysts are expecting a higher rival bid from Manchester-based Lookers any time now.
Sunderland-based Vardy said the short-term outlook for the consumer remained uncertain and this was likely to continue to have an impact on new vehicle sales in particular.
The Society of Motor Manufacturers and Traders estimates a further fall in new vehicle registrations in 2006 to 2,375,000 from 2,439,717 in 2005.
But Vardy said: "The outlook for used car demand, aftersales and contract hire and fleet supply operations remains strong, however."
The company said because it was in the "offer period" following Pendragon's recommended bid no interim dividend for shareholders was proposed.
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