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Trading statements

Inchcape revenues rise

25 May 2017 07:41

Car dealer Inchcape's revenues rose to £2.91bn in the four months to the end of April - up 17.9% at actual currency and 8.1% at constant currencies.

Distribution revenue was up by 30.0% at actual currency and 14.8% at constant currencies while retail revenue rose by 9.8% at actual currency and 3.4% at constant currencies.

Inchcape also announced that it had agreed to acquire premium Estonian automotive Distribution operations, focused on BMW Group, from United Motors AS.

It said the acquisition will mean the group would become the exclusive distributor of BMW Group's vehicles in Estonia, marking the strategic expansion of the group's global partnership with BMW Group into an eighth market.

Group chief executive Stefan Bomhard said: ""Our performance in the first four months of 2017 is consistent with our expectation for growth across the majority of our markets.

"Our Emerging Markets Distribution operations performed robustly, and benefited from the strategic South American acquisition made at the end of 2016.

"Pleasingly and in-line with our Ignite strategic objective of delivering the full potential on all our revenue streams we delivered growth across our value drivers. "We have a strongly cash generative business model which enables us to drive organic and inorganic growth within our disciplined capital allocation framework.

"I believe the recent business development activity demonstrates the exciting opportunity for value-enhancing consolidation in our highly fragmented industry. "The 2017 Distribution additions of PSA in Australia and BMW in Estonia reflect our Ignite strategy in action, working closely with OEMs to target exciting growth opportunities as we seek to be the OEM's partner of choice."

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