Inchcape plc (INCH) Q1 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:02.433 Good morning everyone and thank you for joining us. 00:00:02.433 -- 00:00:08.519 I'm here with our CFO Adrian Lewis and Head of Investor Relations Rob Goerner. 00:00:08.519 -- 00:00:13.463 I'll give an overview of our Q1 results and strategic progress before giving our perspective 00:00:13.463 -- 00:00:17.667 on the current tariff situation and the actions we're taking. 00:00:17.667 -- 00:00:22.251 I'll then hand over to Adrian who will discuss our operational performance in the first 00:00:22.251 -- 00:00:26.175 quarter in more detail and our view of the outlook. 00:00:26.175 -- 00:00:28.651 We'll then take your questions. 00:00:28.651 -- 00:00:33.539 Our results in the first quarter were in line with our expectations, and I was pleased 00:00:33.539 -- 00:00:38.829 with the market share gains we saw across the group, as well as our continued progress 00:00:38.829 -- 00:00:43.053 in expanding our portfolio of distribution contracts. 00:00:43.116 -- 00:00:48.045 Inchcape's new vehicle volumes outperformed the underlying industry volumes in our markets 00:00:48.045 -- 00:00:53.187 during the period. Organic growth was down 5%, as I said, in 00:00:53.187 -- 00:00:55.693 line with our expectations, 00:00:55.693 -- 00:01:01.269 reflecting mixed market momentum and tough comparators, particularly in APAC 00:01:01.269 -- 00:01:03.211 in Europe. 00:01:03.211 -- 00:01:08.198 We continued to deliver strategic progress with seven new contract wins in the quarter, 00:01:08.198 -- 00:01:13.345 including three contract awards with Smart across the Americas, BYD 00:01:13.345 -- 00:01:15.668 in Latvia and Lithuania, 00:01:15.668 -- 00:01:20.895 Iveco in Hong Kong and New Holland in Ethiopia, which replaced an immaterial 00:01:20.895 -- 00:01:23.84...