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Pendragon reports 2020 profit as cost cuts cushion pandemic blow

March 24 (Reuters) - Pendragon said on Wednesday cost cuts helped the British auto dealer report a profit for 2020, compared with a loss a year earlier, despite a plunge in sales due to pandemic-driven lockdowns.

The company said underlying pretax profit came in at 8.2 million pounds ($11.24 million) for the 12 months ended Dec. 31, compared with a loss of 16.4 million pounds a year ago. Revenue fell by more than a third to 2.92 billion pounds. (Reporting by Pushkala Aripaka and Chris Thomas in Bengaluru; Editing by Devika Syamnath)

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