LONDON (dpa-AFX) - Inchcape plc. (INCH.L), a multi-brand Automotive Distributor and Retailer, reported Thursday that its group revenues, for the four months ended April 30, were 2.91 billion pounds, a growth of 17.9% on a reported basis and 8.1% at constant currency.
Distribution revenue was up by 30.0% at actual currency and 14.8% at constant currency. Retail revenue grew 9.8% at actual currency and 3.4% at constant currency.
Looking ahead, the company said its performance this year is in line with expectations and that it continue to expect to deliver a resilient constant currency performance in 2017.
With over three quarters of profits denominated in currencies other than Sterling, reported actual currency performance continues to benefit from Sterling's weakness and acts as an offset to the transactional currency headwind in Australia.
Separately, Inchcape announced that it has entered into an agreement to acquire premium Estonian automotive operations, focused on exclusive Distribution for BMW Group, from United Motors AS.
The business to be acquired operates from four retail locations in Tallinn, Tartu, Pärnu and Kohtla-Järve, representing BMW in each location and Kia at two.
The transaction is subject to customary conditions and is expected to complete during June 2017.
Copyright RTT News/dpa-AFX