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Inchcape Fleet Solutions sees strong growth
The dealer group reported sales of £3.1bn in the six months to June 30 – a 6.1% increase on the £2.9bn generated in the same period in 2011. As a result, pre-tax profits grew 5.8% to £134.2m.
Within the figures, Inchcape Fleet Solutions reported a 9.7% increase in trading profit to £3.4m for the first six months of 2012. In the period it generated sales of £17.6m.
Inchcape Group chief executive officer Andre Lacroix said: ‘Inchcape Fleet Solutions delivered a very strong first half to the year with trading profit up 9.7% through strong cost controls and tight gross margin management enabling us to deliver a record return on sales of 19.3%, up 1.7 percentage points year on year.’
Lacroix added that the company’s performance was being driven by strong new product launches including user-chooser models such as the Audi A1 Sportback, Audi Q3, BMW 3 series and 6 series GT, Mercedes-Benz B
Class, Lexus GS, the MINI Roadster, the new Porsche Boxster and 911, the Toyota Yaris Hybrid, the Volkswagen Beetle, Passat Coupe and Up!
He added: ‘Given the stronger than expected industry performance in the first half year, particularly in the premium and luxury segments, we are revising our full year industry estimate to 1.98m units, up 2% year on year.
‘Finance and insurance remains a key driver for margin growth and we intend to increase the strong penetration rates that were achieved in the first half.
We expect our UK business to deliver a robust performance in 2012.’