Strong H123 performance, driving positive momentum

Inchcape has produced another excellent performance during the first half of 2023, driven by growth from acquisitions and by consistently strong organic growth.

Duncan Tait, group CEO, H1 2023 video:

• Group revenue up 45% to £5.6bn, including 13% organic revenue growth
• Adjusted PBT up 35% to £249m, more than offsetting higher interest costs during the period
• Excellent performance in Distribution, with organic revenue growth of 17%
• 11 distribution deals and acquisitions signed during H1 2023, including global strategic partnership with GWM
• Significant traction in APAC, supported by acquisitions in the Philippines, Indonesia and New Zealand, and distribution deals, including Great Wall Motors in Indonesia and Tata Motors in Thailand
• Outstanding commercial momentum in the Americas, with several distribution deals signed, including Subaru in Bolivia and Ecuador, Mercedes-Benz in Honduras, Geely in Guatemala and El Salvador and XCMG in Colombia
• The acquisition of Derco has transformed our market position in the Americas and is already having a positive impact on the wider Group

The RNS, presentation and webcast are available here.