Inchcape turned in a ‘resilient’ performance in Q3 with revenues up 2% to £2.2bn.
The group, now a pureplay distribution business said it had delivered a ‘robust’ performance in Europe.
The group won nine distribution contracts in the full year 2024, including five in H2 and said its balance sheet had been strengthened by the disposal of its UK retail business.
It said it was making good progress with its £150m share buyback programme, with approximately £83m in shares acquired to date and expected to complete during Q1 2025
Duncan Tait, Group Chief Executive, said: “Against a fast-moving global automotive environment, Inchcape delivered a resilient performance, capitalising on our market-leading, global scaled distribution platform, our diversified portfolio, and the exceptional operational execution of our regional teams.
“Following the sale of our UK retail business during the period, our success in winning nine contracts so far this year demonstrates our ability to drive growth as a pureplay automotive distributor.
These contracts, along with our healthy pipeline of bolt-on acquisitions, will continue to support the business as we grow in existing markets by building market share, expand into new markets and develop our OEM partner portfolio to drive growth and value.