Thursday May 15, 08:04 AM
Inchcape says 'confident' about FY, outlook at constant currency unchanged
LONDON (Thomson Financial) - Inchcape Plc. said its expectations for the full year, at constant currency, remain unchanged and it continues to look forward to the remainder of 2008 with confidence.
For the first quarter ended March 31, the car retailer said its like for like sales in constant currency was 0.3 percent lower than the prior year, reflecting the anticipated reduction in its Singapore business due to both the declining new car market and the run out of the Corolla Altis.
Inchcape (LSE: INCH.L - news) also said its total sales were up 6.5 percent in sterling terms and in line with the same period last year in constant currency, while its sales from continuing operations were up 7.2 percent in constant currency.
The group said its headline pretax profit in sterling terms was up 5.7 percent on the same quarter last year.
Separately, the company also announced that its non-executive chairman Peter Johnson will step down from his post but will remain in the role until a successor is found.
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