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Inchcape expects growth to continue

Automotive services group Inchcape says it is set to continue to grow this financial year, ahead of a close period beginning on Friday.

In a statement the company said its trading performance continues ‘in line with expectations’, as set out in its trading statement issued on May 12.

"We are continuing the earnings enhancing £65m share buy back programme, previously announced in our preliminary results statement on February 28. As at close of business on 28 June, approxiamtely £31m has been returned to shareholders through the purchase of about 1.7m shares at an average price of £18.46p per share.

"Inchcape continues to benefit from its broad geographic spread and strong operational performance. The overall trading conditions seen to date leave us confident that 2005 will show further progress for Inchcape, and we are well placed to continue with our record of profit growth and strong cash generation," the statement reads.

Inchcape will release its interim results for the six months to June 30, on August 1.

  • Check out Inchcape Retail’s performance in the new AM100, published with the latest issue of AM on Friday.
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