International automotive distributor Inchcape plc, chaired by one-time Jaguar head Sir John Egan, boosted net profit for the first half of 2003 by just over 24% to £35.7 million. Operating profit was up by 15.9% to £68.7million and shareholders’ dividend up 20.0% at 12.0p per share.
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In Singapore profits rose sharply and this, together with strong performances in Greece and Australia and improved earnings in the UK and Belgium, more than compensated for the difficulties encountered in Hong Kong due to the Severe Acute Respiratory Syndrome (SARS) outbreak.
Inchcape said it was starting to see the benefits of the revised European Block Exemption legislation as BMW, Toyota/Lexus, Mercedes-Benz and Ford’s Premier Automotive seek fewer but much larger scale relationships with their retail partners.
That, Inchcape added, has provided opportunities to create a portfolio of large, geographically focused businesses such as the six new BMW dealerships and consequent creation of the UK’s largest contiguous BMW retail territory announced on Monday.
