Inchcape Maintains Steady Growth in Q3 2024 and Sustains Positive Outlook for the Year

LONDON - Leading global automotive distributor Inchcape plc reported a revenue increase of 2% at constant currency, reaching £2.2 billion in the third quarter of 2024. Despite a slight 1% decline in organic revenue, the company demonstrated stability in the Americas, strong performance in Europe, and mixed momentum in the Asia-Pacific region.

The company won nine distribution contracts in the financial year 2024, with five secured in the second half of the year. New partnerships in Australia, Chile, the Caribbean, and Colombia highlight Inchcape's strategic expansion and diversified portfolio. Following the divestment of its UK retail operations on August 1, 2024, Inchcape's balance sheet strengthened further, allowing for disciplined capital allocation.

Approximately £83 million in shares have been repurchased as part of the £150 million share buyback program, expected to complete in the first quarter of 2025. The company also maintains a healthy pipeline of projects for additional mergers and acquisitions.

Despite facing foreign exchange headwinds, including the devaluation of the Ethiopian Birr, Inchcape reiterates a modest growth outlook for the financial year 2024 on a continuous operations basis. The company is optimistic about returning to higher growth levels in the medium term, driven by further acquisitions, contract wins, and anticipated recoveries in several markets.

Inchcape Group CEO Duncan Tait highlighted that the company’s resilient performance in a dynamic global automotive environment is a testament to its market-leading distribution platform, operational execution, and diversified business model. Tait expressed confidence in the company’s year-end outlook and medium-term growth prospects, supported by a strong balance sheet and differentiated technology capabilities.