Business
Q3 Trading Update
Q3 Trading Update.
About this update from Inchcape Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4935Q\n Inchcape PLC\n 28 October 2021\n \n \n \n \n Inchcape plc (\"Inchcape\" or the \"Group\"), the leading independent global automotive distributor,\n \n \n today releases its Q3 Trading Update covering the period from 1 July to 30 September 2021.\n \n \n \n \n \n Q3 Trading Update\n \n \n Strong Q3 performance drives increase in FY21 profit expectations\n \n \n · \n Group revenue £1.9bn: up 10% YoY on an organic basis (2% below 3Q19), and down 2% reported\n \n \n · \n 2021 PBT outlook upgraded to \"at least £290m\", driven by a stronger margin performance\n \n \n · \n Supply situation remains uncertain, with constraints expected to continue well into 2022\n \n \n · \n Hosting a Capital Markets Day on 17th November 2021 in London from 2pm (UK) \n \n \n \n \n \n \n \n \n Revenue YoY%\n \n \n \n \n Reported\n \n \n \n \n Constant FX\n \n \n \n \n Organic1\n \n \n \n \n \n \n \n \n \n \n \n \n \n Q3\n \n \n \n \n Q3\n \n \n \n \n Q3\n \n \n \n \n YTD\n \n \n \n \n \n \n Group\n \n \n \n \n (2)%\n \n \n \n \n +2%\n \n \n \n \n +10%\n \n \n \n \n +27%\n \n \n \n \n \n \n Distribution\n \n \n \n \n +17%\n \n \n \n \n +23%\n \n \n \n \n +20%\n \n \n \n \n +28%\n \n \n \n \n \n \n Retail\n \n \n \n \n (21)%\n \n \n \n \n (20)%\n \n \n \n \n (2)%\n \n \n \n \n +25%\n \n \n \n \n \n \n \n \n \n \n \n 1: Organic growth is defined as sales growth in operations that have been open for at least a year at constant foreign exchange rates\n \n \n \n Duncan Tait, Group CEO, commented:\n \n \n \"The Group's Q3 results were stronger than expected. The better performance was broad based, with all regions supporting the results in the quarter. The pandemic continues to cause uncertainty across the globe, although with largely localised restrictions, it had a relatively small impact on the Group in the period. While the ongoing supply shortages have had some impact on our topline performance, the Group has, to date, benefited from higher vehicle gross margins. \n \n \n During the quarter, we signed a global strategic partnership with Geely, and with the integration well-progressed, the team is excited about the upcoming launch of the brand. We also continued to make good progress with our use of data and digital, and are looking forward to sharing more detail on our strategy and future growth prosp...