28th Oct 2021 11:57
Inchcape PLC - London-based automotive retailer and distributor - Says third-quarter results are stronger than it had expected but warns that the supply situation remains uncertain, with constraints expected to continue far into 2022. Revenue is GBP1.9 billion in the three months that ended September 30, down 2% on a year before, though up 2% at constant currency. On an organic basis, sales are up by 10%.
This is led by the Distribution business, which posts 17% revenue growth, which is 23% at constant currency, and 20% on an organic basis. The Retail arm fares less well. Revenue falls 21% in the third quarter from a year before, down 20% at constant currency and 2% organically. Inchcape notes that Retail revenue is 5% above two year ago and represents a good performance considering the supply situation.
Raises forecast for full-year pretax profit to "at least GBP290 million", driven by higher profit margins. In 2020, Inchcape suffered a pretax loss of GBP128 million. Before exceptional items, this was a profit of GBP129 million, down from GBP326 million in 2019.
Current stock price: 823.00 pence, up 2.2% on Thursday
Year-to-date change: up 28%
By Tom Waite; [email protected]
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