The performance is framed by the stabilisation of key markets in Latin America, marking a turning point for the company and reaffirming its strength, resilience, and the scale and diversification of its business.
In the early hours of Thursday, Inchcape, a leading automotive distributor, announced its third-quarter 2024 financial results in London, reporting global revenues of £2.2 billion, reflecting a 2% growth in constant currency. This performance highlights the stabilisation of key markets in the Americas, particularly in Chile and Colombia, reaffirming the strength and resilience of its strategy of scale and geographical diversification.
Since the beginning of the year, Inchcape has made significant progress, adding nine new distribution contracts to its portfolio. During July, August, and September alone, five new contracts were signed, three of which are in the Americas: Harley-Davidson in Chile, Peugeot in the Caribbean, and Great Wall Motors in Colombia.
“Analysing key trends in our regions. In the Americas, we continue to see markets such as Chile and Colombia stabilise. This contributed to delivering stronger organic revenue performance in the quarter compared to the first half.”
Duncan Tait
Regarding its financial strategy, Inchcape highlighted its disciplined approach to capital allocation, including a £150 million share buyback programme, of which £83 million has already been repurchased. Additionally, the sale of its UK retail business further strengthened its financial position.
With this expansion and the new distribution contracts, Inchcape continues to consolidate its leadership in the global automotive sector, while preparing to close the 2024 fiscal year with moderate growth prospects and a strong position for the medium term.