British multi-national car dealer sees rising profit in 2013 image

Inchcape, the London based car dealer that has a multi-national business operation base announced its full-year pre-tax profit for 2013 went up 11%.

The company, which is focused on selling and distributing cars from various brands, like Toyota, Mercedes-Benz and BMW, said it expects a strong growth in 2014 as well, with last year’s profit boosted by strong performance in emerging markets like Chile or Peru. The company conducts business in 26 countries, chief among them being Britain, Australia, New Zealand and Russia, and reported its pre-tax profit reached 274.6 million sterling pounds ($457 million).

“We expect to deliver a robust constant currency performance in 2014 as we will benefit from broad-based growth across our markets and categories,” said CEO André Lacroix.

He added that it’s Inchape’s fourth consecutive year of earnings per share growth, reaching a return on capital of over 20%. The group said it expects for this year a slight growth in the European market, with Britain continuing its five year high return to great sales. It also praised the situation in Chile and Peru where its focus is on distributing BMW cars – seeing the premium segment growing 28 and 22% respectively.

Via Reuters