Inchcape plc (INCH) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining us. I'm here with our CFO Adrian Lewis and Head of Investor Relations Rob Goerner. I'll give an overview of our Q1 results and strategic progress before giving our perspective on the current tariff situation and the actions we're taking. I'll then hand over to Adrian who will discuss our operational performance in the first quarter in more detail and our view of the outlook. We'll then take your questions. Our results in the first quarter were in line with our expectations, and I was pleased with the market share gains we saw across the group, as well as our continued progress in expanding our portfolio of distribution contracts. Inchcape's new vehicle volumes outperformed the underlying industry volumes in our markets during the period. Organic growth was down 5%, as I said, in line with our expectations, reflecting mixed market momentum and tough comparators, particularly in APAC in Europe. We continued to deliver strategic progress with seven new contract wins in the quarter, including three contract awards with Smart across the Americas, BYD in Latvia and Lithuania, Iveco in Hong Kong and New Holland in Ethiopia, which replaced an immaterial contract exit in that market. In respect of capital allocation, we have made progress consistent with our updated policy announced in March and our £250 million share buyback programme is progressing well and to date we have acquired approximately £55 million or around 2% of shares in issue. On to the tariff situation which remains dynamic and complex. I wanted to remind you that we have no presence in North America, no scaled relationships with US OEMs, and minimal exposure to US production. We see three potential impacts from this situation. Firstly, supply from our OEMs. Seco...