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Inchape as expected

Inchcape’s results for the first six months of the year, ending June 30, are in line with its expectations.

Like for like sales for the first five months of 2007 were up 3.1% on a constant currency basis.

Total sales for the first five months of 2007 were up 28%. However, 16.3% of this growth was due to the acquisition of European Motor Holdings and 11.6% represented new openings.

The dealer group said the expected weakness of its Singapore business was offset by the growth in the rest of the group.

“Since our AGM we have continued to implement our strategy by agreeing two more emerging market acquisitions in Lithuania and Latvia totalling £73.5m and completing several non-core UK disposals totalling £24m.

“We continue to look at opportunities across all of our target markets and the integration of EMH is proceeding well,” the company said in its pre-close trading statement.

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