Inchcape hikes 2009 forecast

20th Oct 2009 08:03

Car dealer Inchcape full year results are expected to be significantly ahead of previous expectations, but cautioned that conditions are expected to remain challenging well into the second half of 2010.Revenue during the third-quarter revenue declined 13.4% year on year but rose 2.2% quarter on quarter.The group said third quarter revenue benefited from the government scrappage incentive scheme in the UK and as trading improved in Australia and Hong Kong.While it warned that consumer confidence continues to be weak and unemployment is still rising in many of its key markets, Inchcape said it remains confident that it will continue to gain share in challenging conditions as it cuts costs and strengthens its balance sheet.