Robust third quarter at Inchcape
International car dealer Inchcape delivered an upbeat third quarter update, despite market headwinds, and said it expects the robust performance to continue for the rest of the year.
International car dealer Inchcape delivered an upbeat third quarter update, despite market headwinds, and said it expects the robust performance to continue for the rest of the year.
Revenue in the third quarter rose 4% to £1.518bn at actual currency and rose 6.8% at constant currency compared to the same period last year. Like-for-like (LFL) revenue increased by 3.2% at actual currency and 6.1% at constant currency.
Total revenue for the nine months to September 30th 2012 rose 5.4% to £4.626bn while LFL revenue increased 5.6% at actual currency.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Demand for its new cars was strong and in line with company expectations following strong demand in the premium and luxury markets. Meanwhile its used car business and aftersales activities, which represent 60% of the group's gross profit, performed well, it said.
Across its main regions UK sales were boosted by demand in the premium and luxury segments while its used cars and aftersales activities performed well.
Its European businesses delivered what it called a resilient performance in a challenging trading environment while in Asia, it recorded a strong performance in Hong Kong and Singapore. However it remains cautious regarding new vehicle margin given the increased level of competitive activities and the strength of the Japanese yen, it said.
Demand for new vehicles remained strong in Australia with industry growth of 7% in the third quarter.
Otherwise trading conditions remained challenging at its Russia and Emerging Markets segment, with competitive pressure on new car margin.
"Given our revenue, operating profit and cash performance in the first nine months of the year, we are well positioned to deliver a robust financial performance in 2012," the group said in a statement.
CJ
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?
Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”