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Dealership Inchcape helped by Brexit-induced sterling drop as profits rise
March 1, 2017 / 7:43 AM / 9 months ago

Dealership Inchcape helped by Brexit-induced sterling drop as profits rise

LONDON, March 1 (Reuters) - International dealership firm Inchcape posted a 12 percent increase in underlying pre-tax profit on Wednesday and said it was continuing to benefit from the fall in the pound, as most of its sales came from abroad.

Inchcape, which trades in over two dozen countries, said it made a full year pre-exceptional profit before tax of 349.4 million pounds ($432 million), helped by the roughly 15 percent fall in the pound since the Brexit vote.

“A supporting element for our results was the benefit from sterling’s weakness in the year, with over three quarters of profits denominated in other currencies,” the firm said in a statement. ($1 = 0.8087 pounds) (Reporting by Costas Pitas, editing by James Davey)

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