UK-based car distributor and retailer Inchcape has posted Q1 pre-tax profit up 5.7% on the same period of last year on sterling sales up 6.5%.
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However, like for like sales in constant currency were 0.3% lower than the prior year, reflecting the anticipated reduction in Singapore business due to both the declining new car market and the run out of the Corolla Altis. Excluding Singapore, like for like sales in constant currency were up 3.3%.
Inchcape’s UK retail business achieved like for like sales growth of 3.5%, outperforming the UK market by over 4 percentage points, the firm said.
The company’s headline pre-tax profit in sterling terms was up 5.7% on the same quarter last year. In constant currency, it was in line with the same period last year, as expected given the level of investment in the launch of new models and the run out of old models in the quarter.
Inchcape said its expectations for the full year, at constant currency, remain unchanged and that ‘we continue to look forward to the remainder of 2008 with confidence’.
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