Inchcape continues to expect 'moderated growth' in FY24

Automotive distributor Inchcape said on Thursday that it continues to expect "moderated growth" in FY24 but warned that its results would be impacted by translational foreign exchange headwinds during H2, including the devaluation of the Ethiopian Birr.

Inchcape said group revenue was up 2% in Q3 at £2.2bn, with organic revenue down 1% even as mixed market momentum in the Asia-Pacific region offset stabilising key markets in the Americas.

The FTSE 250-listed group also noted that it had made "good progress" with its £150.0m share buyback programme, with approximately £83.0m in shares acquired so far.

Looking forward, Inchcape said it remains confident of returning to higher levels of growth over the medium term, driven by continued diversification and scale, supported by an anticipated recovery across a number of markets.

As of 0920 BST, Inchcape shares were down 4.85% at 725.50p.

Reporting by Iain Gilbert at Sharecast.com