11:31 am, October 27, 2016
THIRD quarter figures released today by Inchcape PLC have revealed a strong performance in constant currency terms, in line with expectations for the year.
The company, which trades in 27 markets worldwide, has seen a mixed result in some regions but with solid growth in South Asia, Europe and the UK, the quarter as a whole has been a robust one.
Like-for-like revenue in North Asia shrank by 17.7 per cent, in part due to a difficult trading environment in Hong Kong, but Inchcape retains its number 1 market share position in the region. Transactional currency pressure in Australia has also impacted revenue in that region, but by a much milder 0.2 per cent.
Overall, the group revenue for the three months to September 30th was £2.01 billion, representing a 15.3 per cent increase of actual currency – and with three quarters of profits in currencies other than Sterling, the company is benefitting from a weaker Pound.
Stefan Bomhard, Group CEO of Inchcape PLC, commented: ‘Our solid third quarter revenue performance is consistent with our expectation for growth across the majority of our regions and for moderation from the growth rate seen in the first half of 2016. Pleasingly, the Group saw growth across all five of our revenue streams in the third quarter.
‘Notwithstanding the adverse exchange rate between the Japanese yen and the Australian dollar and the difficult trading environment in our North Asia region, we continue to expect to deliver a resilient constant currency performance in 2016.
‘Inchcape benefits from a high quality Distribution and Retail footprint and partnerships with the world’s leading premium OEMs. Our global scale enables us to leverage organic and inorganic opportunities, our operational expertise within a competitive industry and our local knowledge to deliver a differentiated customer experience.
‘I am excited about the long-term growth potential of Inchcape as we deliver on our five ‘Ignite’ strategic objectives: leading in customer experience, delivering the full potential from all of our revenue streams, becoming the OEMs’ partner of choice, leveraging our global scale and investing to accelerate growth.
‘2016 has seen the creation of these objectives and the start of our actions to realise our full potential. I am pleased with our progress so far and look forward to delivering against each in the coming years.’
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