Combined Motor Holdings (CMH), which operates vehicle dealerships and owns First Car Rental, has reported a reasonable first half in 2023 followed by a weak second half, saying the subdued trend is expected to continue.

In the group’s financial highlights for the year to end-February and its latest annual integrated report published on Tuesday, CEO Jebb McIntosh said in a low growth economy with high interest rates, a weak currency, heavy discounting to reduce gross manufacturer overstocking and continued intensified periods of load-shedding, had negatively affected car sales and hire...

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