Last checked at 16 Jun 2022 07:00
16 June 2022
This announcement contains inside information
Inchcape plc
Trading Update
Inchcape plc ("Inchcape" or "the Group") today provides a trading update.
Following our Q1 update on the 28 April 2022, the Group has continued to perform strongly, with results exceeding our expectations.
The better than expected performance is primarily driven by the Distribution business, where we have delivered continued quarterly improvement in new vehicle volumes and an operating margin above second half 2021. We also have greater confidence in relation to our second half performance based on the strength of order books in our markets and an improved outlook for supply.
Based on the performance to date and our expectation for the second half, we expect to deliver FY22 PBT from continuing operations1 between £350m and £370m (published market consensus: £301m) at prevailing exchange rates2.
The Group's interim results will be published on 28 July 2022.
1: excluding any contribution from Russia
2: translational currency tailwind of c.£10m versus 2021
Ends
Inchcape plc - Investor Relations Raghav Gupta-Chaudhary +44 (0)7933 395 158, investors@inchcape.com
Media enquiries (Brunswick Group)
Helen Smith / Chris Birt +44 (0)20 7404 5659, inchcape@brunswickgroup.com
About Inchcape
Inchcape is the leading independent multi-brand global automotive distributor, operating in over 40 markets and territories with a portfolio of the world's leading automotive brands. Inchcape has diversified multi-channel revenue streams including sale of new and used vehicles, parts, service, finance and insurance. The Company has been listed on the London Stock Exchange (INCH) since 1958, and is classified within the 'Business Support Services' sector. The Group is headquartered in London and employs around 14,500 people globally. www.inchcape.com