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Inchcape faces distribution difficulties

Exceptionals boosted profits, but the group is facing challenges
Inchcape faces distribution difficulties

Inchcape (INCH) is unlike the other UK-listed auto retailers in that most of its money doesn’t come from auto retail. The group makes 91 per cent of its trading profits from distribution – the value chain of a car between the factory and the retailer – meaning it has suffered far less from the fall in new-car registrations in the UK. However, the group has problems of its own.

IC TIP: Hold at 563p

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