28th Apr 2022 11:00
Inchcape PLC - London-based car dealership - Posts higher quarterly revenue and expects pretax profit to rise in 2022. Reported revenue in its first quarter rises 6% to GBP1.8 billion. Revenue climbs 13% on organic basis. For 2022, it expects its pretax profit to increase to at least GBP300 million, from GBP195 million it posted in 2021. Excluding Russia, 2021 pretax profit was GBP240 million.
Outlook for 2022 excludes any contributions from its Russia business, which it has suspended. "Our remaining Russia business is accounted for as a discontinued operation in 2022," the firm explains. Inchcape has agreed to sell its Russia business to local management for GBP63 million, the firm says.
Current stock price: 700.00 pence, up 5.1% on Thursday
12-month change: down 11%
By Tom Budszus; [email protected]
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