Inchcape records strong sales growth in first four months of 2016

Time 9:33 am, May 26, 2016

INCHCAPE recorded strong like-for-like sales growth of 11.3 per cent in the four months ended April 30. 

The leading independent multi-brand retailer said trading is in line with expectations and the group expects to deliver a solid constant currency performance in 2016.

In the four months to April 30 2016, the group’s revenue increased by 11.7 per cent to £2.472bn, while like-for-like revenue was up 11.3 per cent on the same period last year.

Stefan Bombard, group CEO, said: ‘Our strong revenue performance in the first four months of the year is consistent with our expectation for continued momentum across our global portfolio of distribution and retail markets. We have seen positive revenue trends across five of our six geographical regions, as we have benefited from our unique local growth drivers.

‘The performance at the start of 2016 reflects the quality of our operations and our strong fundamentals –distribution contracts that provide high barriers to entry; long-standing partnerships with the world’s leading premium OEMs; and the pursuit of a differentiated customer experience across the value chain. Notwithstanding the difficult trading environment in our North Asia region and year on year movement in the exchange rate between the Japanese yen and the Australian dollar we continue to expect to deliver a solid constant currency performance in 2016.’

He added: ‘Inchcape has a track record of consistent revenue and profit growth, driving reliable and strong cash generation, with a disciplined approach to capital allocation to support growth and enhance shareholder returns. I am excited about the potential of Inchcape as we deliver on our five strategic objectives – leading in customer experience, delivering the full potential from all of our revenue streams, becoming the OEMs’ partner of choice, leveraging our scale and investing to accelerate growth.’

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