Inchcape Q1 revenues fall 5pc
Automotive distributor said on Thursday that revenues had fallen amid what it called an "uncertain market environment" during Q1.
Inchcape said group revenues were down 5% at £2.1bn, with new vehicle sales slipping 3% and underlying total insurable value falling 4%. Group organic revenue was 5% lower and reported revenues dropped 8%.
The FTSE 250-listed group said it had seen a continued improvement in performance in the Americas, with further growth throughout Q1, while it had experienced continuing headwinds in several key markets in the Asia-Pacific region and lower revenues in Europe & Africa, driven by order bank unwind.
Chief executive Duncan Tait said: "We achieved further operational and strategic progress during the first quarter, evidenced by market share gains in key markets and several contract wins, and the progression of our £250.0m share buyback programme. As the leading global automotive distributor, Inchcape remains well-positioned to support our key stakeholders in navigating the current market uncertainty, as our experienced leadership team has done during challenging market environments in previous years."
Tait also noted that demand was not currently being impacted by the "dynamic and complex tariff situation", although he does expect to see potential impacts on supply from Inchcape's OEMs, as well as from the "competitive environment and market demand".
As of 0925 BST, Inchcape shares were down 6.72% at 645.50p.
Reporting by Iain Gilbert at Sharecast.com
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