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Inchcape, the global car dealer, posted record results in the first half of the year as pre-tax profits rose 7.1 per cent to £120m.
Overall sales increased 28.5 per cent to £3.1bn, helped by strong performances in the UK, European and emerging markets.
In Britain sales soared by 92 per cent to just over £1,440m as the multi-million pound acquisitions of Lind Automotive and European Motor Holdings significantly boosted the bottom line.
Trading profit rose 54.3 per cent from £23.2m in the first half of 2006 to £35.8m in the same period this year.
“Group has delivered”
Like-for-like sales rose by 5.2 per cent – over twice the growth of the UK’s new car market, which increased by 2 per cent during the first six months of 2007.
Fact Box
Overall:
Pre-tax profit £120m
Sales £3.1bn
Pre-tax profit £120m
Sales £3.1bn
UK:
Trading profit £35.8m
Sales £1,440m
“The group has again delivered record results in the first half of the year, reflecting the progress we are making in executing our strategy and the benefits of a broad geographical spread of businesses,” said Peter Johnson, Chairman of Inchcape.
“Australia, Greece, Belgium, UK and emerging markets all achieved record profits in the first six months.
“In the second half we expect to benefit from our focus on the value drivers of the business and from the recent acquisitions in the UK and emerging markets. We remain confident in our prospects for 2007.”