Inchcape revenue rises to £2.3bn for third quarter

Time 8:59 am, October 30, 2017

INCHCAPE made a total revenue of £2.3bn in this year’s third quarter – a rise of nearly 15 per cent, according to its latest trading update.

The multi-brand automotive distributor and retailer saw a revenue increase of 14.6 per cent at actual currency and 11.3 per cent at constant currency between July 1 and September 30.

When the group’s South American acquisition is disregarded, this equates to an extra 9.4 per cent at actual currency and 6.3 per cent at constant currency.

Meanwhile, distribution revenue increased by 21.4 per cent at constant currency and retail revenue went up by 3.6 per cent at constant currency.

The group said the results were in line with its expectations.

Revenue for Asia was up 5.8 per cent at constant currency, with Singapore benefiting from strong commercial vehicle performance and Hong Kong remaining stable.

Australasia saw a 13.2 per cent increase in revenue as there was a strong Subaru market share gain and a weakening of European brands. Europe, meanwhile, had a revenue rise of 1.8 per cent, thanks to growth in the UK, eastern Europe and Greece.

Stefan Bomhard

The revenue of emerging markets shot up by 68.9 per cent, with an additional 17.5 per cent ex-acquisition. South American integration and market share gains went according to plan, along with an improved performance in Russia, it said.

Stefan Bomhard, group chief executive of Inchcape, said: ‘I am pleased with our strong third-quarter revenue performance, with growth in all our regions and the benefit from our South America distribution acquisition, which continues to perform well and in line with our expectations.

‘The strength of these results demonstrates the advantages of our global diversification and distribution-focused business model.’

He added: ‘Overall, I am excited about the long-term growth potential of Inchcape.’

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