Inchcape, Koovs and Hargreaves Services

“The FTSE100 was virtually flat in early trading with little corporate news to stoke activity. A raft of US economic news - GDP, durable goods, spending and gas storage, among other data sets - will be closely watched this afternoon,” says AJ Bell Investment Director Russ Mould.

“Car dealer Inchcape led the FTSE250 board in early trading after its South American operations moved up a gear with the acquisition of a distribution business focused on Subaru cars and Hino commercial vehicles for £234m. Inchcape has been active in South America for more than 30 years and the acquisition will bolster its presence in Chile and Peru and add new markets of Colombia and Argentina. Across these four markets an expanding middle-class with greater purchasing power and better access to credit underpins the structural growth opportunity from increasing levels of vehicle ownership. Inchcape’s shares were up by more than 4.2% in early trading.

“Online fashion group Koovs doubled its first half revenues but pre-tax losses rose from £5.7m to £9.1m as the business continues to increase its investment in marketing and technology, to build presence in the market. The Indian online fashion market is projected to grow to £2.5bn by 2020 and Koovs is aiming to capture a significant share through the combination of a strengthened management team, its exclusive London-based designs and operational expertise. Its shares were down by over 5.7%.

“Coal and mineral transport group Hargreaves Services expects interim results to be in line with forecasts. Trading conditions have been more stable in the six months to the end of November and in the second half the outperformance in its coal distribution and property & energy divisions will more than offset the impact of expected contract delays in its industrial services business. The group’s shares were up by more than 4.5%.”

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