Fleet News

Inchcape profits rise by 29%

STRONG performance from Toyota (GB), Chrysler and Ferrari in the UK and good performances from some franchise dealers contributed to Inchcape Motors reporting operating profits up 29% to £126.6 million for last year (1995: £97.8 million).

Pre-tax profits at the international distribution company increased 12% to £165.1 million on turnover down 1% at £6.263 billion. The import and distribution businesses increased operating profits by 66% to £93.8 million (1995: £56.4 million) with Toyota singled out for special praise by Inchcape chairman Sir Colin Marshall. Meanwhile, the retail motor business had a less successful year with operating profits down 65% to £4.9 million (1995: £14.1 million), although the year-on-year comparison was significantly distorted by restructuring changes last year.

Trading results in the UK remained under pressure from weak margins in the volume segments of the new car market, but were helped by good performances from the Volkswagen, Audi, Renault, Jaguar, BMW and Mercedes-Benz dealerships.

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