Inchcape raises its profits forecast

Car dealership group Inchcape, which has Volkswagen dealerships in Shrewsbury and Telford, has upgraded its 2021 profits forecast to at least £290 million.

The second half of the year saw the completion of the new Volkswagen / Inchcape dealership at Vanguard Park  bigbuscompropmorris
The second half of the year saw the completion of the new Volkswagen / Inchcape dealership at Vanguard Park bigbuscompropmorris

Group revenue in the three months to the end of September was £1.9 billion, which was two per cent down on the year.

Retail income was down 21 per cent but distribution grew by 17 per cent

Chief executive Duncan Tait said the group's results were stronger than expected.

He said that the pandemic continued to cause uncertainty across the globe, although with largely localised restrictions, it had a relatively small impact on the group in the period.

"Whilst the widely reported supply issues are not expected to improve until well into 2022, we are confident that margins will remain robust through this period, mitigating the likely impact on our topline.

"The long-term growth prospects of the Ggroup are attractive and exciting.," he added.

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