29th Apr 2021 10:04
(Alliance News) - Inchcape PLC on Thursday said its first-quarter results were ahead of internal expectations.
The London-based automotive distribution, retail and services company reported revenue of GBP1.9 billion for the quarter, up 2% on an organic basis but 3% lower on a reported basis.
Inchcape's Distribution revenue rose 10% on a reported basis in the period, with top-line performance improving sequentially across most regions. Asia, Australasia, Europe and the Americas all delivered "positive" year-on-year revenue growth, it said.
Meanwhile, Retail sales were down 18%. The company's Retail division saw a "solid" revenue performance in Russia that was offset by the UK, which faced severe restrictions with showrooms being closed throughout the first quarter. The business continued to operate online and perform Aftersales services, it added.
"Our first quarter results were ahead of our expectations. The performance demonstrates the underlying resilience of the group - with revenue growth underpinned by a widespread recovery in our Distribution business. In line with our focus on markets with high growth potential, we continued to expand our distribution footprint with JLR in Indonesia and Daimler in Guatemala," said Chief Executive Duncan Tait.
Looking ahead, Inchcape said the pandemic situation presents continued uncertainty.
"Absent any severe disruptions we continue to expect material growth in profits and an improved operating margin for financial 2021," Tait said.
Shares in Inchcape were up 0.3% at 786.50 pence in London on Thursday morning.
By Zoe Wickens; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Inchcape