Inchcape to buy back shares after posts record profit

By Costas Pitas

LONDON (Reuters) - Multinational car dealer Inchcape said on Thursday it would buy back shares worth 100 million pounds ($169.2 million) as it reported a record profit, helped by a return to growth in key markets Singapore and Greece.

The firm, which operates in 26 countries and distributes cars for global brands including Audi , Jaguar and Toyota <7203.T>, said it also benefited from the one-off sale of property.

Adjusted pre-tax profit was up to 162.1 million pounds in the first six months of the year based on constant currency levels, giving the firm leeway to make its second share buy-back in the last twelve months.

 

The London-based global dealership also announced a 100 million pound share buyback in August 2013.

The firm said its market share rose in Singapore and it saw growth in the Greece.

Conditions in Russia remained challenging due to economic uncertainty and the country's involvement in Ukraine. CEO Andre Lacroix told Reuters the firm had weathered the worst of the downturn there.

"We operate in the premium and luxury end of the market, which is more resilient than the total market," he said.

Inchcape said it would pay an interim dividend of 6.3 pence, up 10.5 percent.

At 0729 GMT, Inchcape shares were up 2.5 percent at 653.5 pence.

($1 = 0.5911 British Pounds)

(Reporting By Costas Pitas; Editing by Jane Merriman and John Stonestreet)