But the firm, which operates in 29 countries, said it expected more difficult conditions in 2018.

"We anticipate a more challenging year given continued supply and demand imbalance in our retail markets particularly over the first half of the year as well as new vehicle decline in Singapore, despite continued momentum across the rest of our businesses," said Chief Executive Stefan Bomhard.

"Overall, we expect to deliver a resilient constant currency performance over 2018," he said. ​

(Reporting by Costas Pitas, editing by James Davey)