(Alliance News) - Inchcape PLC said on Thursday that it continued to perform "strongly" since its first quarter update in April, with results exceeding its expectations.
The London-based car dealership said its impressive performance had been primarily driven by its Distribution business, where it has seen continued quarterly improvement in new vehicle volumes and operating margin.
"We also have greater confidence in relation to our second half performance based on the strength of order books in our markets and an improved outlook for supply," it added.
As a result, Inchcape expects to deliver full-year pretax profit from continuing operations between GBP350 million and GBP370 million, well above a company-cited consensus figure of GBP301 million.
For 2021, it reported profit before tax and exceptional items of GBP296 million.
The company's interim results will be published on July 28.
Shares in Inchcape were up 3.3% at 704.30 pence on Thursday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Inchcape (INCH)