Tuesday, July 29, 2008
Inchcape reports resilient interim sales
Dealer group boosted by emerging markets
Inchcape has reported a resilient set of results for the six months to 30 June bolstered by growth in its operations in emerging markets.
The group posted pre-tax profit before exceptional items of £130.3m – up 8.6 per cent year-on-year.
Turnover grew 5.1 per cent to £3.3bn but remained on a par with the first half of 2007 in constant currency terms.
Shareholders benefited from a 9.5 per cent increase in headline earnings per share to 20.7 pence.
Although Inchcape Retail, the group’s UK division which is ranked second in the Motor Trader Top 200, claimed to have outperformed “a challenging market”.
Its operations in emerging markets delivered revenue growth of 54 per cent.
Inchcape chairman Peter Johnson highlighted the acquisition of Musa Motors in Moscow, which was completed in July 2008, as an example of how the group had profited from its increased exposure to emerging markets.
“We have a robust business model with an excellent geographic portfolio diversification and scale relationships with our brand partners,” he said.
Johnson added that the group had a strong balance sheet and the means to support further expansion.
DATED: 29.07.08
FEED: MT
Inchcape has reported a resilient set of results for the six months to 30 June bolstered by growth in its operations in emerging markets.
The group posted pre-tax profit before exceptional items of £130.3m – up 8.6 per cent year-on-year.
Turnover grew 5.1 per cent to £3.3bn but remained on a par with the first half of 2007 in constant currency terms.
Shareholders benefited from a 9.5 per cent increase in headline earnings per share to 20.7 pence.
Although Inchcape Retail, the group’s UK division which is ranked second in the Motor Trader Top 200, claimed to have outperformed “a challenging market”.
Its operations in emerging markets delivered revenue growth of 54 per cent.
Inchcape chairman Peter Johnson highlighted the acquisition of Musa Motors in Moscow, which was completed in July 2008, as an example of how the group had profited from its increased exposure to emerging markets.
“We have a robust business model with an excellent geographic portfolio diversification and scale relationships with our brand partners,” he said.
Johnson added that the group had a strong balance sheet and the means to support further expansion.
DATED: 29.07.08
FEED: MT
