Inchcape, the global automotive distributor, has announced a substantial increase in its third-quarter revenue compared to the previous year. The company saw growth in the majority of its markets and has reiterated its full-year guidance.
Impressive Revenue Growth
Inchcape revealed that its revenue for the third quarter surged by 35% on a reported basis, amounting to £2.8 billion ($3.39 billion).
- The distribution business, which contributes the most to the company’s revenue, experienced organic revenue growth of 13%.
- Retail revenue also witnessed a rise of 1%.
The company remains optimistic and stands by its previous guidance for full-year results. Inchcape expects its performance to reach the upper end of the range of market expectations. In May, a company-compiled market consensus predicted that the adjusted pretax profit for 2023 would be between £470 million and £506 million.
Chief Executive Duncan Tait expressed confidence in the group’s future outlook, emphasizing its market leadership positions, diversified business, and digital and data capabilities that support their original equipment manufacturer partners.
Inchcape reported strong momentum in the Asia-Pacific region and a commendable performance in Europe. The company has observed growth in most markets, as well as market share gains and accelerated cost synergies in the Americas. These positive trends have offset softer markets in Chile and Colombia.
At 0734 GMT, shares of Inchcape were up 12.5 pence or 1.9% at 657.5 pence.