Inchcape reports that revenues from its UK and Europe division have declined by 1.1% in the four months to April 30.
In a brief trading update to the stock market, the London-based global automotive group said the UK’s market still suffers a “supply and demand imbalance, further pressuring vehicle margins”, however it has had strong growth in Eastern Europe and the Balkans.
Global group revenue in the four months was £3bn, up 2.9%.
Stefan Bomhard (pictured), Inchcape group chief executive, said he was pleased with the strategic progress it has made in the period, despite a challenging market backdrop in some regions.
“Over the period sales performance has been solid, with strength in emerging markets and Australasia offsetting weaker performance in UK & Europe.”