Car dealership Inchcape reports 24% profit rise to £413m, with sales up 12%, but warns of slower growth in 2024 and plans cost control due to tough trading conditions.
Car dealership Inchcape reported a 24% rise in pre-tax profits to £413m for 2023, with sales up 12% after excluding the impact of a recent acquisition. However, the company warns that growth will slow in 2024 and plans to focus on cost control due to challenging trading conditions. Inchcape's shares fell by 9% in Tuesday morning trading. The company is currently reviewing its UK retail business and considering the future of its used car supermarket chain, Bravoauto. Inchcape faces scrutiny from the Financial Conduct Authority, which is investigating car finance deals.
March 05, 2024
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