Inchcape reaffirms outlook, ups share buyback programme

(Sharecast News) - Inchcape reaffirmed full-year guidance and increased its share buyback programme on Tuesday, fuelled by a strong first half.

The automotive distributor said revenues had risen 9%, or by 7% on a constant currency basis, to �4.7bn in the six months to 30 June. On an organic basis, revenues grew by 5%.

Adjusted pre-tax profits fell 6% to �188m, driven by headwinds in Asia Pacific and higher finance costs.

However, despite that the FTSE 250 company - which around 16,000 people worldwide - reaffirmed full-year targets, of adjusted earnings per share of more than 10% and organic volume growth at the top of its 3% to 5% guidance range. It noted that much of the performance was weighted to the second half. New vehicle volumes are slated to rise by around 20,000 in the final six months of the year, compared to 180,000 in the first half.

The group also raised its current share buyback programme by �75m to �250m.

Duncan Tait, chief executive, said: "We delivered positive momentum in the Americas, with supportive market conditions, and continued outperformance in Europe and Africa. In APAC we saw a stabilising position in Asia, while our market share in Australia was weaker.

"We expect to deliver a year of strong adjusted EPS growth in the 2026 full-year, reflecting currency tailwinds and value-accretive mergers and acquisitions, with a stable performance."

As at 0845 BST, the shares were up 1% at 826.5p.

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