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Inchcape Q3 Group Revenue Up 5%; To Acquire Autolider For GBP 47 Mln

Inchcape Plc (INCH.L), a multi-brand automotive distributor and retailer, Thursday reported that its third-quarter group revenue was 2.4 billion pounds, up 5 percent year-on-year in actual currency and up 3 percent at constant currency.

Distribution revenue increased 8 percent in actual currency and 5 percent in constant currency. Retail revenue rose 2 percent in actual currency and was up 1 percent in constant currency.

Inchcape said its performance year-to-date has been in-line with its expectations, with second-half underlying profit performance expected to be stronger than the first half.

For fiscal 2019, the company reiterated its outlook for a resilient constant currency profit performance, excluding the Australian Dollar/Japanese Yen headwind. Given the expected timing of disposal and acquisition completions, the company expects minimal profit impact in 2019.

Separately, Inchcape said it agreed to acquire Autolider, a distributor of Daimler brands, for 47 million pounds.

Autolider is the distributor of Mercedes-Benz passenger and commercial vehicles in both Uruguay and Ecuador. The company is also the distributor of Daimler's Freightliner and Fuso brands in Uruguay.

The transaction is expected to be completed in the fourth quarter and will therefore contribute minimal profit to fiscal 2019.

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