H1 2025 results: executing Accelerate+ strategy, FY 2025 guidance reiterated
Inchcape delivered robust H1 2025 results and reaffirmed full-year guidance, demonstrating the resilience of our scaled and diversified business amid a fast-moving tariff situation and mixed market conditions, underpinned by the successful execution of our Accelerate+ strategy.
Accelerate+ strategy delivering shareholder value
Our Accelerate+ strategy continues to drive scale and diversification. In H1 2025, we secured nine new distribution contracts and announced the acquisition of Askja in Iceland, an exciting new market for Inchcape. The addition of Askja, a leading automotive distributor with 16% market share, further diversifies our geographic footprint and introduces new partners across passenger vehicles, light commercial vehicles and parts – including Kia, Yokohama Tyres and Continental Tyres – into our already exceptional brand portfolio.
Robust H1 performance
Taking a look across our regions, in the Americas we saw on-going improvement in trading and growth momentum. In APAC, despite headwinds across the region, particularly in the premium segment in certain Asian markets, we saw resilience in Australia and building order banks for new products launching in key markets throughout the second half. In Europe & Africa, we continued to outperform underlying market trends.
Despite overall industry volumes in our markets being down 2% during the period, Inchcape delivered a robust performance – revenue of £4.3bn, representing a 4% decline in constant currency, while adjusted profit before tax was £200m, down 4% in constant currency. These results were achieved with adjusted operating margins of 5.7%, supported by robust gross margins and cost discipline.
We are also delivering against our capital allocation policy, having repurchased around 10% of Inchcape’s share capital over the last 12 months, including c.£150m of our current £250m share buyback programme.
We remain confident in delivering another year of growth, with the second half of 2025 supported by new product launches in key markets, for which we are already seeing encouraging trends across web traffic, customer enquiries, and dealer partner orders. Continued discipline on costs, cash and inventory management will further support a stronger H2 performance.
We continue to focus on delivering shareholder value and remain committed to our Medium Term Targets, which help shareholders to track our performance against a clear framework of metrics to the end of 2030. This includes targeting an earnings per share compound annual growth rate of greater than 10% over the medium term, supported by our clear capital allocation policy, leading digital capabilities, and diversified and scaled business, alongside our on-going focus on cost discipline and inventory management.
For further details, read the full RNS announcement.
Against a fast-moving tariff situation, Inchcape delivered robust results for H1 2025. We continued to execute Accelerate+, further diversifying our business across geographies and strengthening our OEM partnerships, consolidating our position as the leading global independent automotive distributor.
Duncan Tait Group Chief Executive