(Alliance News)- Inchcape PLC on Thursday said it made an "excellent start" to 2023, with full-year results expected to be in-line with market consensus.
The London-based automotive distributor said it expects adjusted pretax profit at GBP487 million for 2023. In 2022, adjusted pretax profit was GBP373 million.
Inchcape reported first-quarter revenue of GBP2.7 billion, up 50% from GBP1.8 billion a year earlier, benefiting from mergers & acquisitions as well as organic growth across all its regions.
In Distribution, revenue was up 70%, while in Retail, revenue was up 8%.
Chief Executive Duncan Tait said: "Our first quarter results show a continuation of the trends we experienced at the end of last year, with organic growth underpinned by the improvement in vehicle supply. Growth in the Distribution segment was further accelerated by the significant contribution from new businesses in the Americas - with Derco, Simpson Motors and Ditec all contributing positively."
The company completed its acquisition of Latin America's largest independent automotive distributor Derco for GBP1.3 billion in January.
Inchcape added that Derco's revenue and profit contribution was in line with expectations.
Shares were up 3.5% at 791.00 pence each on Thursday morning in London.
By Xindi Wei, Alliance News reporter
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Inchcape (INCH)