Inchcape PLC
27 June 2007
INCHCAPE PLC
PRE-CLOSE TRADING STATEMENT
Inchcape plc ('Inchcape' or the 'Group'), the leading independent, international
automotive distributor and retailer, today provides a pre-close trading
statement. Inchcape will announce its interim results, for the six months ending
30 June 2007, on 2 August 2007.
The trading performance of the Group continues to be in line with our
expectations, as set out in the AGM trading statement issued on 10 May 2007. The
expected weakness in our Singapore business is more than offset by the growth in
the rest of the Group, particularly in Emerging Markets. Since the AGM we have
continued to implement our strategy by agreeing two more emerging market
acquisitions in Lithuania and Latvia totalling £73.5m and completing several
non-core UK disposals totalling £24m. We continue to look at opportunities
across all of our target markets and the integration of EMH is proceeding well.
Total sales for the first five months of 2007 were up 31% on a constant currency
basis (28% in sterling terms). Of this increase, 16.3 percentage points
represented the contribution of EMH from the date of acquisition and 11.6
percentage points represented other acquisitions and new openings. Like for like
sales for the first five months are up 3.1% on a constant currency basis and in
sterling terms are in line with last year.
We remain confident in our prospects for 2007, leveraging our broad geographic
spread and focus on operational excellence.
For further information, please contact:
Group Communications, Inchcape plc
+44 (0) 20 7546 0022
Investor Relations, Inchcape plc
+44 (0) 20 7546 8432
Financial Dynamics (Jonathon Brill/Billy Clegg)
+44 (0) 20 7831 3113
Notes to editors
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, 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 core brand partners are Audi, BMW,
Honda, Mazda, Mercedes-Benz, PAG, Subaru, Toyota/Lexus and Volkswagen.
For further information, visit us at www.inchcape.com
This information is provided by RNS
The company news service from the London Stock Exchange
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