UK-based international automotive services group Inchcape plc has reported operating profit up 20.9% to £104.1 million in interim results for the half year to 30 June 2005.
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Operating profit before exceptional items rose 12.5% to £100.1 million and earnings per share rose 15.5% to 93.9p. Pretax profit was up 21.6% to £104.8 million.
Revenue rose to £ 2,257.0 million from £2,158.5 million a year ago.
Inchcape, which operates dealerships and vehicle importing wholesaling companies world-wide said in a statement that profits were up in all core markets, except Greece.
Half year highlights included a 21.8% increase in operating profits in Singapore, Subaru Australia exceeding last year’s record unit sales, and achieving its highest ever first half market share and “encouraging like for like profit growth in a declining market” in the UK, where the group made a major Mercedes-Benz dealer group acquisition last April.
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By GlobalDataGroup CEO Peter Johnson said: “We are delighted to report a further set of outstanding results, showing year on year growth with profit before tax up 21.6%. This continues the trend of reporting an increase in profit at every set of interims since we became a pure automotive services group. Critical to our success is our geographic spread, which remains an important factor in the quality and consistency of our earnings.”
In a statement, Inchcape claimed that the group’s strong financial performance was all the more impressive given that market conditions in the UK and Continental Europe are difficult in comparison to last year, and it is awaiting a number of significant new vehicle model launches, which will commence in early 2006.
A £65.0 million share buy back programme announced on 28 February 2005 has commenced, and to date £31.0 million has been returned to shareholders through the purchase of about 1.7 million shares at an average price of £1.846 per share.
