Fleet News

Inchcape profit fall at half time

REDUCED profit margins on high volume new car sales largely in the UK resulted in a 17% slump in half-year operating profits in the motor retail division of Inchcape, one of the world's leading international distribution groups.

Overall the company reported turnover for the first half of 1996 up 1% on the same period last year at £3,161.8 million (1995: £3,129.9 million) with pre-tax profits down 1% at £82.8 million (£83.3 million). The retail motor businesses saw half-year operating profits drop to £27.9 million (£33.6 million) on turnover fractionally down at £981.6 million (£983.2 million).

Meanwhile, the vehicle import and distribution business, which includes Toyota and Chrysler franchises in the UK, saw operating profits increase 67.2% to £23.2 million (£13.9 million) on turnover up to £1,513.2 million (£1,509.6 million). Adjusted total operating profits from the motors operations rose 8% to £51.1 million with the import and distribution businesses benefiting from new model introductions and more competitive product pricing.

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