Inchcape reiterates FY guidance after Q3 growth, buyback progress
Automotive distributor Inchcape Plc reiterated its full-year guidance on Thursday as it said revenues had grown during the three months ended 30 September, supported by market growth and distribution contract wins.
Inchcape said group revenues were up 7% at £2.3bn, while organic revenues rose 8% against softer comparators.
Volumes were up 13%, against Inchcape TIV growth of 5%, on the back of market growth, distribution contract wins and on-going product launches.
The FTSE 250-listed firm also said it had made further success in scaling its business, with continued contract portfolio optimisation, and said it was making progress on its £250m share buyback program.
Inchcape expects stronger second-half growth, aiming for an earnings per share compound annual growth rate of more than 10%, and continues to anticipate "another year of growth", at prevailing currency rates, including the impact of tariffs.
Chief executive Duncan Tait said: "We are pleased with our performance in the third quarter, which was in line with our expectations.
"Inchcape's performance during the third quarter demonstrates our ability to execute on our Accelerate+ strategy, further supporting our confidence for another year of growth in FY 2025, in line with our medium term target to deliver EPS CAGR of more than 10%."
As of 0905 BST, Inchcape shares were up 2.06% at 757.78p.
Reporting by Iain Gilbert at Sharecast.com
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