Inchape is trading in line with expectations, according to trading statement made this morning.
In the UK, like-for-like revenue was up 10.7% in the four months to April 30, with strong revenue growth in vehicles sold and “solid” aftersales revenue growth, while acknowledging “lower vehicles margin against a competitive trading environment”.
Stefan Bomhard (pictured), group chief executive, Inchcape, said: “Our strong revenue performance in the first four months of the year is consistent with our expectation for continued momentum across our global portfolio of distribution and retail markets.
“We have seen positive revenue trends across five of our six geographical regions, as we have benefited from our unique local growth drivers.
“The performance at the start of 2016 reflects the quality of our operations and our strong fundamentals: distribution contracts that provide high barriers to entry; long-standing partnerships with the world’s leading premium OEMs; and the pursuit of a differentiated customer experience across the value chain.
“Notwithstanding the difficult trading environment in our North Asia region and year on year movement in the exchange rate between the Japanese yen and the Australian dollar we continue to expect to deliver a solid constant currency performance in 2016.
“Inchcape has a track record of consistent revenue and profit growth, driving reliable and strong cash generation, with a disciplined approach to capital allocation to support growth and enhance shareholder returns.
“I am excited about the potential of Inchcape as we deliver on our five strategic objectives: leading in customer experience, delivering the full potential from all of our revenue streams, becoming the OEMs’ partner of choice, leveraging our scale and investing to accelerate growth.”