23rd Mar 2023 09:21
(Alliance News) - Inchcape PLC on Thursday said it delivered "another great set of results" for 2022, noting robust customer demand following a prolonged period of supply shortages, which drove growth in both revenue and profit.
The London-based automotive distributor said pretax profit jumped to GBP399.7 million in 2022 from GBP181.3 million in 2021, while revenue from continuing operations climbed 18% to GBP8.13 billion from GBP6.90 billion.
Inchcape said revenue was driven by growth in both Distribution and Retail segments. In the Americas region, revenue was GBP1.45 billion, up 60% from GBP926.2 million a year earlier, while in the Europe & Africa region, revenue grew by 28% to GBP2.05 billion from GBP1.60 billion in 2021. In the Asia-Pacific region, revenue was up 8.8% to GBP2.34 billion from GBP2.15 billion.
Adjusted pretax profit was GBP373 million, up 50% from GBP249 million a year earlier, as adjusted operating profit grew by 46% to GBP411 million from GBP281 million.
Chief Executive Officer Duncan Tait said: "Inchcape delivered another great set of results in 2022, with strong performance across all regions. Excellent operational execution from our teams, coupled with robust consumer demand following a prolonged period of supply shortages, drove growth in revenue, profit and cash."
The firm proposed a final dividend of 21.3 pence, which would bring its full-year payout to 28.8p, up 28% from 22.5p a year prior.
Looking forward, Inchape said it expects that new vehicle supply will continue to improve throughout 2023, and support a normalisation of order books. It added that trading to date in 2023 was been in-line with its expectations.
Shares were down 8.1% at 796.46 pence each on Thursday morning in London.
By Xindi Wei, Alliance News reporter
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