2023 Results: strong performance, substantial strategic progress

Inchcape produced a strong set of results in 2023, with an excellent performance across all regions. The business continues to deliver for its shareholders, with double-digit organic revenue growth, margin progression, earnings per share growth and high levels of cash generation.  

Duncan Tait, Group Chief Executive, FY 2023 video:

Inchcape made substantial strategic progress last year, with a record number of distribution contracts won. These contracts, along with our investment in acquisitions, will continue to support the business as we grow in existing markets by building market share with new and existing OEMs, expand into new markets, and develop our global mobility company partner portfolio to drive growth.  

With our global market leadership, high quality people, our diversified geographic footprint and our digital-led approach, Inchcape is well positioned for the future and we remain confident about the medium to long-term outlook for the Group.

Highlights: 

• Revenue up 41% to £11.4bn, boosted by the acquisition of Derco. 
• Adjusted profit before tax up 35% to £502m. 
• On-going positive momentum in APAC, supported by acquisitions and with market share gains. 
• Strong performance in Europe & Africa, despite muted demand.  
• Americas produced growth in many markets, supported by Derco’s performance, and while some markets became increasingly challenging, we continued to grow market share across the region. 
• Signed a record number of 15 distribution contracts and three acquisitions in APAC. 

For further information please view the FY 2023 RNS.