Pendragon PLC said its second-half normalized net income was £9.8 million, a decrease of 48.5% from £19.1 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue climbed 12.0% year over year to £2.16 billion from £1.93 billion, and total operating expenses grew 12.3% from the prior-year period to £2.12 billion from £1.89 billion.

Reported net income declined 38.7% on an annual basis to £14.8 million, or 1 pence per share, from £24.2 million, or 2 pence per share.

For the year, the company's normalized net income totaled 2 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 4 pence.

EPS declined 11.8% from 3 pence in the prior year.

Normalized net income was £35.0 million, a decline of 11.5% from £39.6 million in the prior year.

Full-year total revenue rose 11.3% on an annual basis to £4.45 billion from £4.00 billion, and total operating expenses grew 11.4% year over year to £4.36 billion from £3.91 billion.

The company said reported net income grew 47.5% on an annual basis to £73.0 million, or 5 pence per share, in the full year, from £49.5 million, or 3 pence per share.