Easing finance conditions and demand for fast and expensive cars in the UK helped drive double-digit sales rises at car dealer Inchcape, but profits fell due to uncertainty in Russia.
The company sells brands including Mercedes-Benz, BMW and Audi across 26 countries, but outgoing chief executive André Lacroix said the UK had been “phenomenal” for the business – accounting for £2.5 billion of its global turnover, which rose 10% to £6.7 billion last year.
Lacroix added: “The UK market benefited from underlying economic growth and the easing of finance.”
But Inchcape’s exposure to the Russian market and political uncertainties meant it took a £47.4 million one-off hit, leaving pre-tax profit down 4% at £255.8 million, although markets in Greece and Singapore improved.
It is the final set of results under Lacroix, who leaves at the end of the month to join product-testing firm Intertek. He will be succeeded by Bacardi executive Stefan Bomhard.
