In 2024, Inchcape delivered continued strategic, operational and financial progress, with revenue and profit growth in-line with our expectations at the start of the year. This resilient performance reflects our diversified and scaled global market leadership position, our long-standing and valuable OEM relationships, our high-performance culture and our differentiated technology capabilities.
Highlights from FY24 include:
- Completed strategic transformation becoming an automotive Distribution business.
- Achieved a record 22 Distribution contract wins.
- Revenue to £9.3bn, up 4% YoY in constant currency.
- Adjusted profit before tax of £444m, up 5% YoY in constant currency.
- Europe & Africa delivered market outperformance with strong growth.
- APAC delivered growth from acquisitions and resilient margins against a mixed market backdrop.
- Americas delivered an improved performance in H2 2024.
Furthermore, we have announced a £250m share buyback programme in FY2025, reflecting our cash generative business model, strong balance sheet and underlining our confidence in the group and its long-term prospects.
Additionally, Inchcape has announced medium-term targets for FY2025 – FY2030, in which we anticipate generating £2.5 billion in free cash flow. This will be deployed to drive shareholder returns through both on-going share buybacks and value-accretive acquisitions, resulting in a target of >10% earnings per share compound annual growth rate, underpinned by a return on capital employed of 25% to 30%.
For further information, please view the FY24 RNS.
Where appropriate, figures stated before adjusting items, and on the basis of continuing operations.
Inchcape delivered continued strategic, operational and financial progress in FY 2024, reflecting our diversified and scaled global market leadership position, our long-standing and valuable OEM relationships and our differentiated technology capabilities.
Group Chief Executive