LONDON (dpa-AFX) - British automotive distributor Inchcape plc (INCH.L) on Thursday reported group revenue of 1.8 billion pounds in the first quarter, a 13% increase on organic basis.
Looking forward, the company expects full-year profit before tax of at least 300 million pounds, a 25% growth year-on-year.
Additionally, Inchcape announced its decision to exit Russia by selling its business there to local management. Closing of sale is expected during May 2022.
The company said the purchase price of 63 million pounds will be satisfied over a period of 5 years through annual instalments.
Inchcape plans to invest the proceeds from the sale in the growth of its core distribution business.
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