Inchcape reports Q1 revenue above expectations
Automotive distributor Inchcape said it expected 'material growth' in profits and an improved 2021 operating after better-than-expected first-quarter.
Revenue fell 3% to £1.9bn in the three months to March 31, reflecting the impact of showroom closures during the national Covid-19 lockdown imposed in January, but still ahead of expectations, the company said on Thursday.
The distribution business reported a 9% revenue rise year-on-year following an expansion into Indonesia and Guatemala.
“Looking ahead, while the pandemic situation presents continued uncertainty, absent any severe disruptions we continue to expect material growth in profits and an improved operating margin for FY21,” Inchcape said.