Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Inchcape details 'excellent' FY23, expects more 'moderate' growth in FY24
(Sharecast News) - Automotive distributor Inchcape detailed an "excellent" annual performance on Tuesday but tempered expectations for future growth. Inchcape said group revenues were up 41% in 2023 at £11.4bn, pushing adjusted pre-tax profits 35% higher to £502.0m. Organic revenues were up 12%, while distribution organic growth was 16% stronger. Adjusted earnings per share rose 18% to 33.9p.
Operating profit growth and higher operating margins of 5.8%, up from 5.1% a year earlier, more than offset the impacts of higher interest rates.
The FTSE 250-listed group expects 2024 to be "another year of growth", albeit a moderated one, with the group issuing "prudent expectations for recovery in certain markets", which were weaker than previous years, as it makes an "even stronger focus on cost management" to deliver a "moderated short-term growth profile". Inchcape added that its medium to long-term outlook pointed to a return to higher levels of growth.
Chief executive Duncan Tait said: "Inchcape produced a strong set of results in FY 2023, with an excellent performance across all our regions. The business continues to deliver, with double-digit organic revenue growth, margin progression, EPS growth and high levels of cash generation.
"We maintained positive momentum across APAC, supported by acquisitions, while Europe & Africa performed strongly, despite muted demand. The Americas produced growth in many markets, supported by Derco's performance, and while some markets became increasingly challenging, we continued to take market share across the region."
As of 0945 GMT, Inchcape shares had sunk 9.55% to 615.50p.
Reporting by Iain Gilbert at Sharecast.com
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.