10:17 pm, March 8, 2011
DEALER group Inchcape has reported revenue rose 5.4 per cent last year in its annual results announcement.
The group made sales totaling £5.6bn with profits rising 38 per cent to £214m. This was helped by restructuring which will save around £30m, as well as ‘leadership’ in 14 markets and improved aftersales performance.
The board has recommended a dividend payment of 6.6p per share – in 2009 no dividend was paid.
André Lacroix, group CEO of Inchcape, said: ‘In 2010, the group has delivered robust profit growth with strong cash conversion, demonstrating the strength of Inchcape’s unique business model with its portfolio of leading premium brands, broad geographic spread and diversified revenue streams.
‘Given our robust profit growth, strong cash conversion, the improved financial position of the group and our confidence in the future, the board is recommending a final dividend of 6.6p for 2010.’
Inchcape has performed well because of its representation as distributors and retailers in strong economies around the world. Some 65 per cent of the trading profit came from the Asia Pacific and emerging markets.
‘In 2011, we continue to expect to see an uneven global recovery with market growth in Hong Kong, Australia, Russia, Finland, the Baltics, Africa and South America,’ added Lacroix. ‘However, we anticipate market declines in Singapore, Greece, Belgium and the UK, which together represent 50 per cent of group sales.
‘We believe we will continue to improve our competitive position and deliver a solid performance in 2011.’
