Operational and strategic highlights:
12% adjusted EPS growth in 2012 (3 year CAGR of 14%)
Over 70% of Group trading profit now derived from Asia Pacific and Emerging Markets
Record profit in Australasia and North Asia, and a record trading margin in the UK
Post period end, acquired Trivett Automotive Group, Australia's largest premium automotive group
Financial highlights:
Reported sales up 4.4% to £6.1bn (2011: £5.8bn)
Pre-exceptional PBT up 10% to a record £250.3m (2011: £227.7m)
Reported PBT up 24% to £251.5m (2011: £203.4m)
Operating cash flow of £249.2m (2011: £244.7m)
Final dividend payout ratio increased to 40%, Board recommends final dividend of 10.5p per share giving a total dividend for the year of 14.5p per share (2011: 11.0p), up 32%
André Lacroix, Group CEO of Inchcape plc, commented:
"2012 was another strong year for Inchcape with market share gains in many regions and further progress on customer service. Our broad international portfolio of 26 markets combined with diversified profit streams and tight cost controls enabled us to deliver a record PBT* and adjusted EPS growth of 12% in 2012, against a sector backdrop of increased pressure on vehicle margins.
The Group's performance in the last three years, delivering EPS CAGR of +14%, demonstrates the strength of our differentiated business model. We operate in the right markets, with the right brand partners, trade in the right categories and deliver the right financials. Moreover, we have the right growth strategy focused on an unwavering commitment to delivering superior customer service, with a strong operational discipline on both commercial and cash initiatives.
We have recently announced the acquisition of Trivett Automotive Group, the leading luxury and premium automotive group in Australia. This transaction represents an important step in the further development of our Asia Pacific presence expanding our existing brand footprint in Australia with high quality operations in the luxury and premium segments.
The Group is extremely well positioned to take advantage of the exciting growth prospects in Asia Pacific and Emerging Markets which are underpinned by population growth, wealth creation, increasing car penetration and industry premiumisation.
We expect the Group will deliver a robust performance in 2013, notwithstanding the increased competitive pressure on vehicle margins."
