Inchcape reshapes global portfolio with strategic acquisitions and divestments

Inchcape PLC on Thursday reported a 7% rise in third-quarter revenue to 2.3 billion British Pounds while reshaping its global operations with a series of acquisitions and divestments.

The company said it completed the acquisition of Askja in Iceland, disposed of a retail-only business in Australia with annual revenue of about 100 million British Pounds, and secured a new distribution contract in Greece.

It also mutually exited several distribution contracts in Central and South America, according to a trading update.

Organic revenue, which strips out currency effects and acquisitions, grew 8% during the period.

"We are pleased with our performance in the third quarter, which was in line with our expectations," Chief Executive Duncan Tait said.

"We also continued to make progress against our Accelerate+ strategy, further scaling the Group through the acquisition of Askja in Iceland, an exciting new market for Inchcape, and a number of distribution contract wins."

The London-based company reiterated its full-year guidance for 2025, expecting another year of growth and a stronger performance in the second half of the year compared to the first.

Inchcape added that it is making progress on its 250 million British Pounds share buyback programme.