26th Jul 2018 09:42
LONDON (Alliance News) - Automotive distributor Inchcape PLC said Thursday that a strong performance by its distribution unit in the first half of the year offset a weaker retail market, leading to a 3.8% revenue increase.
For the six month to June 30, the FTSE 250-listed company posted revenue of GBP4.61 billion, up from GBP4.44 billion in the comparative year-ago period.
The company's Distribution unit experienced "strong momentum", with gross profit up 11% to GBP390.7 million from GBP353.6 million, offsetting challenges in the Retail unit, where gross sales dropped 4.6% to GBP248.9 million from GBP260.8 million.
Pretax profit narrowed to GBP161.2 million compared to GBP191.1 million year-on-year.
Inchcape lifted its interim dividend 13% to 8.9 pence per share from 7.9p, year-on-year.
The company reaffirmed its full-year guidance as it continue to expect solid constant currency profit growth, it said.
"With comparatives easing into the second half in Retail we intend to drive an improved second half performance," Inchcape added.
Inchcape shares were trading up 1.4% at 798.00p each on Thursday.
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