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Inchcape profits up on scrappage scheme
20.10.09
Car dealership Inchcape today said 2009 profits will be “significantly ahead of previous expectations”.
It said they had been helped by the Government's scrappage scheme and robust second-hand prices.
But it added: “We expect conditions to remain challenging until well into the second half of 2010 on weak consumer confidence.” House broker Investec raised its 2009 profits forecast from £120 million to £140 million although that is still well below the £190.7 million a year earlier. Its shares rose 1.8p to 34.6p.
Third-quarter revenues were up 2.2% on the second quarter but down 13.4% on the third quarter last year.
