Inchcape issues cautious outlook

10th Mar 2010 07:29

Car dealer Inchcape said 2009 profit fell less than expected but on a cautionary note, it warned market conditions in 2010 are expected to remain challenging.The group, which raised £234.3m through a rights issue, said pre-exceptional profit before tax fell to £155.1m from £190.7m the year before while sales fell 11% to £5.6bn. On a like for like, constant currency basis, sales fell by 14.6%."In 2010, we expect to benefit from continued market momentum in Hong Kong and Australia and stable industry in Belgium and Finland but we also continue to anticipate market declines in the UK, Greece, Singapore, Eastern Europe and Russia," said chief executive Andre Lacroix. "The group's focus continues to be on customer service and we have gained share in most of our markets, while cutting costs and reducing inventory," he added.The board is not recommending a dividend.