Inchcape
NO RECOMMENDATIONMotor distributor Inchcape posted dire full-year figures to 31 December but rejected break-up calls, vowing instead to return £45m to shareholders in the coming months from non-core disposals. Sales slipped from £4.45bn to £3.7bn, with pre-tax profits slumping to £73.4m (£299.3m). Excluding exceptionals, pre-tax profits fell from £85.3m to £74.1m. Inchcape sold or closed 16 of its non-core businesses during the year, generating £64.4m. Inchcape was partially cushioned from the impact of the downturn in the UK car market by an excellent performance from its Asian operations, where profits lifted by 65.2% to £65.9m, and from its continental European operations. Non-UK operations account for 67.2% of the group's continuing turnover. Its non-core disposal programme looks set to continue. Since the year end it has concluded an agreement to sell its Mazda distribution business in France to Mazda Motor Corporation and its stake in IRB, a financial services subsidiary in Brunei. The company's recovery strategy will be to focus on its six core markets and its 'excellent manufacturer relationships'. Dresdner Kleinwort Wasserstein forecasts pre-tax profits of £85m in 2001.
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