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Inchcape trading update

A third quarter trading update from Inchcape this morning reported trading performance “in line with expectations”, and it remains confident of the full year prospects.

The international motor retailer said sales for the three month period were up 20.2% on a constant currency basis (19.8% in sterling terms). Like for like sales for the period were up 3.3%.

Sales for the year to date have increased 27.5% (25.6% in sterling terms).

Inchcape is continuing its strategy to grow in emerging markets. It recently announced acquisitions of dealerships in Russia, and completed disposal of “non-core” businesses in the UK, including its three Ferrari and Maserati dealerships, three Bentley outlets, VW Wrexham, its Wilcomatic car wash operation and J&S Components.

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