Fleet News

Hit by residual values drop

MOTORS-only group Inchcape has reported pre-tax profits of £40.9million (1998: £60million) for the first six months of 1999 on turn-over of £2,407.1million (1998: £2,844million).

The company's UK dealerships were affected by property refurbishment costs while its leasing business, Mann Egerton Vehicle Contracts, saw profits decline in the face of weaker residual values.

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