- Automotive distributor Inchape upgraded its outlook on annual profit following stronger-than-expected third-quarter results as higher margins offset a weaker sales amid a supply shortage.

During the quarter, revenue increased 10% year-on-year.

Distribution revenue was up 20%, but down 5% on the same period in 2019 retail revenue fell 2% year-on-year but was up 5% on 2019 levels.

Looking ahead, pre-tax profit for FY21 was expected to be at least £290 million.

'Whilst the widely reported supply issues are not expected to improve until well into 2022, we are confident that margins will remain robust through this period, mitigating the likely impact on our topline,' the company said.

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