The Pendragon share price has demonstrated resilience in the context of the wider liquidity squeeze in UK small and mid cap stocks that has recently driven a rotation in sentiment from growth to value. Whilst the group cannot be immune to wider industry pressures highlighted in the Q318 IMS, we believe the clear strategy to build its used car business and software platform will provide for a return to growth in FY19. This will be funded through strategic disposals and lower capital commitment
