Inchcape reaffirms guidance; snaps up Mercedes distributor

7th Nov 2019 07:43

(Sharecast News) - Inchcape on Thursday reiterated full year guidance as it reported third quarter revenue growth, driven by improvement at its core distribution business.
The car dealership's third quarter turnover rose 5% year on year to £2.4bn, as normalisation of Subaru supply in Australasia led to an 8% increase in sales from the company's distribution segment.

Year-to-date performance was in line with expectations, though the company said it anticipated a stronger second half performance and a resilient constant currency profit performance for 2019, excluding the impact of headwinds related to the Japanese yen.

Meanwhile, the company also agreed to the £47m acquisition of Autolider, a distributor of Mercedes Benz vehicles in Uruguay and Ecuador to be paid for out of the £250m from the summer disposal of the company's retail-only assets in China, Australia, and the UK.

Inchcape shares were flat at 640.00p at 0949 GMT.