LONDON (MarketWatch) -- Car dealer Inchcape /quotes/comstock/23s!e:inch (UK:INCH 321.70, +8.20, +2.62%) said its annual profit rose to 92 million pounds ($138 million) from 51.4 million pounds on fewer exceptional items, while sales fell to 5.58 billion pounds from 6.26 billion pounds. Excluding one-time items and tax, and its profit fell 19% to 155.1 million pounds. Analysts polled by FactSet had expected a pretax profit of 148.6 million pounds onsales of 5.56 billion pounds. Inchcape won't pay a dividend for this year and it hasn't decided on whether to pay one for 2010, though it itends to return to a progressive dividend policy when trading conditions allow. It's also looking to make a 1-for-10 reverse split. The car dealer said it has a cautious view on 2010 and it doesn't expect a global recovery to start until the second half of the year.
