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Dealership Inchcape expects UK car market growth to slow after Brexit vote

Reuters - UK Focus

LONDON, July 28 (Reuters) - One of Britain's biggest car dealerships Inchcape (Other OTC: IHCPF - news) said it expected the growth in new car registrations to slow in the months ahead, after Britons backed leaving the European Union.

"Ahead of the EU referendum, the second quarter New Vehicle market growth rate moderated to 1.0 percent from 5.1 percent in the first quarter," it said.

"We expect this moderation of the New Vehicle market to persist into the second half of 2016," Inchcape said, as it posted an 8 percent rise in first-half pre-tax profit to 165 million pounds ($217 million).

British new car registrations fell for only the second time in over four years in June when Britain held its EU membership vote. ($1 = 0.7594 pounds) (Reporting by Costas Pitas; editing by Susan Thomas)