2024 Interim Results

Inchcape demonstrates resilient performance, becomes a pureplay automotive Distributor and announces increased share buyback to £150m

Inchcape today announced its half year results for 2024, demonstrating resilient financial performance and marking a strategic shift, as the Group becomes a pureplay automotive Distribution business. The move follows the sale of the Group’s UK Retail operations, announced earlier this year and expected to complete in Q3 of this year.

As well as delivering revenue growth of 8%*, profit for the half stands at £299m. The sale of the UK’s Retail operations when complete – expected on 1 August 2024 – will generate £346m in cash for the Group.

At the time the sale of UK Retail operations was announced, the Group confirmed it would issue a share buyback on completion of the deal and following stronger cash free cash flow performance so far this year means this buyback will be increased to £150m.

The sale of our UK Retail operations also means Inchcape will become a pureplay automotive Distribution business. The shift to Distribution means Inchcape’s business will be capital light, highly cash generative and deliver better margins and returns for shareholders. It will also make Inchcape even better at serving the needs of its OEM partners globally.

Read full details in the RNS (Regulatory News Service) Announcement published today.

*at constant currency