- Automotive company Inchcape said it continued to expected 'material growth' in profits and an improved operating margin for 2021 after first-quarter results topped its expectations.

Revenue fell 3% to £1.9 billion in Q1, but the results were 'ahead of our expectations,' the company said.

The revenue growth was underpinned by a widespread recovery in its distribution business, with revenue up 9% in Q1 year-on-year following an expansion into Indonesia and Guatemala.

In retail, a solid revenue performance in Russia was offset by the UK, which faced severe restrictions with showrooms being closed throughout Q1, the company said.

'Looking ahead, while the pandemic situation presents continued uncertainty, absent any severe disruptions we continue to expect material growth in profits and an improved operating margin for FY21,' it added.

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