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Inchcapeâs UK car dealership operation showed ârelative resilienceâ in a COVID-impacted âLockdown 3â as its distribution business offset revenue losses from retail, the PLC has reported.
In a trading update for the period to March 31, the AM100 car retail group said reported revenues âahead of expectationsâ at £1.9 billion.
But in a period that saw the group step-further back from franchised retail with an agreement to sell its Toyota and Audi dealerships in St. Petersburg, Russia, for £70m, retail revenues declined 18% on a reported basis, 14% on a constant currency basis and 2% organic.
In contrast, distribution revenues delivered 10% growth on a reported basis and 9% on a constant currency basis (up 4% organic).