LONDON (dpa-AFX) - Inchcape Plc (INCH.L), a multi-brand automotive distributor and retailer, Thursday, in its trading update for the period from Jan. 1 to May 22, said its revenue grew 3 percent, both in actual currency and constant currency, and trading is in-line with its expectations. Group revenue for the four-month period reached 3.1 billion pounds.
The Group also said it is disposing its Honda and Mitsubishi retail sites in Australia for 11 million pounds in cash, resulting in a profit on disposal. These sites have been marginally loss making year-to-date, the Group noted.
In addition, Inchcape announced the commencement of a new 100 million pounds buyback, to be completed over the remainder of 2019.
Looking ahead, the Group said its outlook for 2019 remains unchanged. Retail and Distribution are on track with its prior profit guidance and it continues to expect a resilient constant currency profit performance, excluding the transactional Yen headwind.
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