Source - Alliance News

Inchcape PLC - London-based car dealership - Posts higher quarterly revenue and expects pretax profit to rise in 2022. Reported revenue in its first quarter rises 6% to £1.8 billion. Revenue climbs 13% on organic basis. For 2022, it expects its pretax profit to increase to at least £300 million, from £195 million it posted in 2021. Excluding Russia, 2021 pretax profit was £240 million.

Outlook for 2022 excludes any contributions from its Russia business, which it has suspended. ‘Our remaining Russia business is accounted for as a discontinued operation in 2022,’ the firm explains. Inchcape has agreed to sell its Russia business to local management for £63 million, the firm says.

Current stock price: 700.00 pence, up 5.1% on Thursday

12-month change: down 11%

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