Record new car sales at the beginning of the year has proved a boost for Inchcape. Company chairman, Sir John Egan is due to tell shareholders at the annual meeting this morning he is confident the automotive services group will perform ahead of expectations this year.
Sir John says, “Our UK retail business is starting to benefit from the changes made in 2003 to management, processes and the dealership network. Trading has also started well, aided by the record market for the first quarter of the year. We are confident that the UK will raise profits in the year, continuing the trend started in 2001.”
Sir John has also prepared a positive assessment of Inchcape's business in Greece, Belgium, Australia and Hong Kong”.
“Overall 2004 has started better than expected. Trading conditions in our key markets are strong and our financial performance is well ahead of last year. Although still quite early in the year, we look forward to the full year with confidence.” he said.