Business
FY 2023 Preliminary Results
FY 2023 Preliminary Results.
About this update from Inchcape Plc
[{"type":"text","content":"\n\n\nInchcape plc, the leading global automotive distributor, announces its preliminary results for the twelve months to 31 December 2023\nA strong performance, with substantial strategic progress - Inchcape well positioned for future growth\n \n· Another year of strong financial performance - double digit organic revenue and profit growth:\no Group Revenue up 41% on a reported basis to £11.4bn, boosted by acquisition of Derco\n§ Group organic revenue growth1 of 12%, Distribution organic growth1 of 16%\no Adjusted PBT2 up 35% to £502m and Statutory PBT up 24% to £413m\n§ Operating profit growth and higher operating margins of 5.8% (FY 2022: 5.1%) more than offsetting higher interest\n§ Adjusted basic eps up 18% to 84.8p\no Capital allocation policy remains unchanged, with near term focus on deleveraging\n§ Total dividend per share up 18% to 33.9p\no ROCE of 26%, free cash flow2 conversion ahead of guidance range of 60%-70% at 74%, with leverage at 0.8x\n \n· Growth across each Distribution region:\no Continued growth, market share gains and strong margins across the Americas; but several markets remain weak, with further slowdown in a number of markets in Q4 2023\no On-going positive momentum in APAC, supported by acquisitions and market share gains\no Strong performance in Europe, boosted by order bank unwind, against a muted consumer environment\n \n· Substantial strategic progress - a record 15 distribution contracts won, and 3 acquisitions completed, in FY 2023:\no Driven by our ability to deliver for our mobility company partners (\"OEMs\" 3), particularly through our market-leading capabilities in digital experience and data analytics\no On Vehicle Lifecycle Services, good progress on our parts capabilities and used car programme, which is being re-focused on supporting Distribution model\n \n· Derco - integration progressing well, despite challenging markets:\no Foundation for revenue synergies in place in the Americas and other regions\no Accelerated cost synergies of £21m delivered in FY 2023\n§ Now expecting to deliver £10m more costs synergies, of at least £50m, by the end of FY 2024, with integration cash costs of...