- By Region
Robust growth in emerging markets helped Inchcape, the international car dealer, shrug off a sluggish performance in Europe in the first half of 2012.
While Inchcape’s distribution arm tore away, its UK-dominated retail arm enjoyed slow growth, edging up as a result of steady demand for luxury vehicles in the UK.
Overall growth picked up in the second quarter, in part because of a flattering comparison with the second quarter last year, which was dogged by the aftermath of the Japanese tsunami. A strong yen weighed on margins, however, along with increased competition in Europe.
Inchcape warned that emerging market growth may slow. Despite this risk, with a forecast pe ratio of 9.98, Inchcape is still cheaper than other emerging market operators in the sector.