Trading Statement

RNS Number : 4559X

Inchcape PLC

25 June 2008

 

Pre-close Trading Statement

Current trading for the five months ended 31 May 2008.

Total sales for the five months were up 6.3% in sterling terms and in line with the same period last year in constant currency. Sales from continuing operations were up 6.2% in constant currency.

Group like for like sales in constant currency were 1.4% ahead of the prior year.  

The Group's headline pre-tax profit for the first five months was up 9% in sterling terms and in line with the same period last year in constant currency, albeit with the UK and European markets experiencing a slower May after a buoyant April.

Regional highlights:

• Australia sales were in line with expectations

• Our Hong Kong business continues to perform strongly and Singapore is ahead of plan

• In Europe sales for the five months are below last year in local currency, particularly in Belgium

• In the month of May, UK new car registrations fell by 3.5% and the market is expected to be soft in June.  However, our UK retail business achieved like for like sales growth of 3% for the five months, outperforming the UK market by over 3 percentage points.

• Sales in Emerging Markets are more than 50% up on 2007 in constant currency, due to market growth and our recent acquisitions

Outlook

Despite challenging conditions in several of our markets, we continue to expect to report progress in sterling terms in 2008.

For further information, please contact: 

Group Communications, Inchcape plc
[phone]

Investor Relations, Inchcape plc
[phone]

Financial Dynamics (Jonathon Brill/Billy Clegg) 
[phone]

NOTES TO EDITORS

Inchcape plc
Inchcape plc is the leading independent, international automotive retailer, with scale operations in Australia, Belgium, Greece, Hong Kong, Singapore and the UK. The Group also has operations in a number of other markets, including Eastern Europe, the Baltics, China, Russia and South America. In addition to growing its core businesses, Inchcape is looking to develop scale operations in new and emerging regions. It represents leading automotive brands and operates either a retail, or a vertically integrated retail model (i.e. exclusive distribution and retail), depending on the market. Inchcape's current key manufacturer partners are Toyota/Lexus, Subaru, BMW, Mazda, Mercedes-Benz, Volkswagen, Audi and Honda.

For further information, visit us at www.inchcape.com

Inchcape intends to announce its interim results for the six months ending 30 June 2008 on 29 July 2008.

This statement is based on information sourced from management accounts.  

Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are 'forward-looking statements' within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.

 

END

 

 

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