Inchcape Q1 revenue rises, cautious for FY

13th May 2010 08:48

Shares in car dealer Inchcape motored higher after it posted a 13% rise in first quarter revenue but said it remains cautious for the remainder of the year.For the quarter ended 31 March the group revealed a 14.8% gain in like for like revenue in actual currency.On a cautionary note, Inchcape said demand for new cars would remain below last year in several key markets."We remain cautious for the remainder of the year as demand for new cars will remain below last year...and we still do not expect any sustained global car market recovery to start until well into the second half of 2010," the group said in a statement."We are confident however that the group will continue to improve its competitive position and further strengthen its balance sheet despite these challenging market conditions," it added.