By Kyle Morris
Inchcape PLC said Thursday that it has continued to perform strongly since its first-quarter update, with 2022 pretax profit now forecast to beat market consensus after the strong performance of its distribution business.
The U.K. car dealership said it expects to post 2022 pretax profit of between 350 million and 370 million pounds ($426.2 million-$450.5 million) compared with market consensus of GBP301 million at current exchange rates.
The above-expectations performance is driven by the distribution business, which has experienced continued quarterly improvement in new vehicle volumes.
The company also said it has improved confidence in its second-half performance based on order book strength and an improved outlook for supply.
Write to Kyle Morris at [email protected]
