- Inchcape maintained its full year outlook Thursday despite reporting a 15.6% drop in first-half pretax profit as retail trading profit more than halved.

For the six months to 30 June, reported pretax profit fell 15.6% to £161.2m, and revenue rose 3.8% to £4.6bn.

The plunge in profits was blamed on challenging trading conditions in the UK and Australia retail markets which weighed on performance in both the distribution business – core driver of future growth – and the retail business.

The distribution division saw first-half revenue year-on-year rise 4.8% and trading profit rise 12.6%.

The retail division delivered 3.1% revenue growth but trading profit fell by 61.8% year-on-year to £23.0m.

Despite the weaker results, the company confirmed full-year expectation for 2018 remained unchanged.

At 10:04am: [LON:INCH] Inchcape PLC share price was +9.75p at 796.75p

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