News | March 23, 2023

2022 Annual Results

Strong financial performance in a transformational year; exciting growth opportunities ahead

Duncan Tait, Group CEO, full year 2022 video:

Financial highlights (stated on the basis of continuing operations):

Group revenue of £8.1bn: up 15% on an organic basis – supported by recovering vehicle volumes  – and 18% reported
Adjusted PBT1 of £373m (2021: £249m), driven by topline growth, higher margins and operating leverage
Statutory profit before tax of £333m (2021: £149m) reflects adjusting items of £40m4; statutory loss £(6m)5
Highly cash generative and attractive returns: 2022 free cash flow of £380m (92% cash conversion) and 41% ROCE
Proposed final dividend of 21.3p (2022 full year: 28.8p, 2021: 22.5p)

Strategic highlights:

Accelerate strategy, executing on two exciting growth pillars: Distribution Excellence and Vehicle Lifecycle Services (VLS)
Distribution consolidation: completed the transformational acquisition of Derco, and continued with our bolt-on strategy
OEM relationships: secured first-time relationships with Porsche, Volvo, BYD and ORA; plus further geographic expansion
Russia exit: disposed of our remaining Retail-only business in Russia during Q2
Digital & data: roll-out of latest digital and data-analytics innovations; driving more customers and improved efficiencies
VLS: international expansion of bravoauto  – our digital-first multi-brand used car platform  – now live in nine markets


While we are mindful of the changeable economic environment, the strength of our business model and diversification benefits of our global operations are expected to support the Group’s performance in 2023, with trading to date in line with our expectations. We anticipate that new vehicle supply will continue to improve throughout 2023, and support a normalisation of order books. In 2023 we expect to make strategic, operational and financial progress, underpinned by the integration of Derco. We remain confident in the medium-term outlook set out at the Capital Markets Day in November 2021.

2022 20211 % change
% change
constant FX2
% change
Key financials (continuing operations)
Revenue £8,133m £6,901m +18% +16% +15%
Adjusted Operating Profit1 £411m £281m +46% +41%
Adjusted Operating Margin1 5.1% 4.1% +100bps +90bps
Adjusted Profit Before Tax1 £373m £249m +50%
Adjusted Basic EPS1 72.0p 46.3p +56%
Dividend Per Share 28.8p 22.5p +28%
Free Cash Flow1 £380m £274m +39%
Statutory financials
Operating Profit (continuing operations) £400m £181m
Profit Before Tax (continuing operations) £333m £149m
Total (loss) / profit for the year £(6)m £122m
Basic EPS (continuing operations) 61.1p 20.3p
  1. Restated to adjust for the disposal of the remaining business in Russia which has been reported as a discontinued operation, see note 10 of the full release (link below)
  2. These measures are Alternative Performance Measures, see ‘Our financial metrics’ in the full release (link below)
  3. Organic growth is defined as revenue growth in operations that have been open for at least a year at constant foreign exchange rates
  4. On a continuing operations basis
  5. Including discontinued operations

Inchcape 2022 Annual Results

Inchcape FY22 presentation