Operational and strategic highlights:
Record H1 PBT and double-digit earnings growth
70% of trading profit generated from Asia Pacific and the Emerging Markets
Broad based revenue growth in all categories: vehicles, service and parts
Trivett acquisition completed in Australia
Facilities upgrade completed in Singapore, ready for the market recovery
Financial highlights:
Reported sales £3.3bn, up 6.6% in actual currency and up 5.3% in constant currency
Pre-exceptional PBT £147.0m (2012 H1: £132.8m2), up 10.7% in actual currency
Adjusted EPS 22.9p (2012 H1: 20.7p), up 10.6%
Reported EPS 21.2p (2012 H1: 20.7p), up 2.4%
Net cash position: £189.1m (2012 H1: £227.7m)
Interim dividend of 5.7p (2012 H1: 4.0p)
£100m share buyback programme over the next 12 months
André Lacroix, Group CEO of Inchcape plc, commented:
"We have delivered a robust performance in the first half of the year with a record pre-exceptional PBT of £147.0m and a double-digit adjusted EPS growth, despite challenging trading conditions in some of our markets. This is a testament to the strength of Inchcape's unique business model and the effectiveness of our differentiated Customer 1st strategy.
We grew our revenue by 6.6% in actual currency as we benefited from our geographic spread and from the acquisition of Trivett, Australia's leading luxury and premium automotive group. The Group continues to benefit from strong sales and profit performance in Asia Pacific and the Emerging Markets.
The Group operates in the right markets, with the right brands and trades in the right categories given our scale presence in Asia Pacific and the Emerging Markets, our focus on premium and luxury brands and our diversified profit streams.
Inchcape is engineered for sustainable earnings growth and we continue to expect the Group to deliver a robust performance in 2013 despite competitive pressure on vehicle margins in some of our markets.
Our confidence in the Group's earnings potential and our highly cash-generative business model is reflected in our progressive dividend policy with an interim dividend increase of 43% and in today's announcement of a £100m share buyback programme over the next 12 months."
