27th Jun 2007 07:00
Inchcape PLC27 June 2007 INCHCAPE PLC PRE-CLOSE TRADING STATEMENT Inchcape plc ('Inchcape' or the 'Group'), the leading independent, internationalautomotive distributor and retailer, today provides a pre-close tradingstatement. Inchcape will announce its interim results, for the six months ending30 June 2007, on 2 August 2007. The trading performance of the Group continues to be in line with ourexpectations, as set out in the AGM trading statement issued on 10 May 2007. Theexpected weakness in our Singapore business is more than offset by the growth inthe rest of the Group, particularly in Emerging Markets. Since the AGM we havecontinued to implement our strategy by agreeing two more emerging marketacquisitions in Lithuania and Latvia totalling £73.5m and completing severalnon-core UK disposals totalling £24m. We continue to look at opportunitiesacross all of our target markets and the integration of EMH is proceeding well. Total sales for the first five months of 2007 were up 31% on a constant currencybasis (28% in sterling terms). Of this increase, 16.3 percentage pointsrepresented the contribution of EMH from the date of acquisition and 11.6percentage points represented other acquisitions and new openings. Like for likesales for the first five months are up 3.1% on a constant currency basis and insterling terms are in line with last year. We remain confident in our prospects for 2007, leveraging our broad geographicspread and focus on operational excellence. For further information, please contact: Group Communications, Inchcape plc+44 (0) 20 7546 0022 Investor Relations, Inchcape plc+44 (0) 20 7546 8432 Financial Dynamics (Jonathon Brill/Billy Clegg)+44 (0) 20 7831 3113 Notes to editors Inchcape plc is the leading independent, international automotive retailer, withscale operations in Australia, Belgium, Greece, Hong Kong, Singapore and the UK.The Group also has operations in a number of other markets, including EasternEurope, the Baltics, Russia and South America. In addition to growing its corebusinesses, Inchcape is looking to develop scale operations in new and emergingregions. It represents leading automotive brands and operates either a retail,or a vertically integrated retail model (i.e. exclusive distribution andretail), depending on the market. Inchcape's core brand partners are Audi, BMW,Honda, Mazda, Mercedes-Benz, PAG, Subaru, Toyota/Lexus and Volkswagen. For further information, visit us at www.inchcape.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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