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Inchcape PLC on Thursday announced that new vehicle volumes came down in the first quarter of the year, as headwinds continued in the Asia Pacific. The London-based car dealer said revenue was down 5% at constant currency at £2.1 billion in the first quarter. New vehicle volumes were down 3%. The decline in revenue was expected and reflected mixed market momentum and tough comparators, Inchcape said. The company noted that headwinds continued in several key markets in the Asia Pacific, while in Europe & Africa, lower revenues were driven by order bank unwind. Inchcape shares fell 5.1% to 656.50 pence each on Thursday morning in London. In the Americas, the company saw continued improvement in performance with further growth. Inchcape reaffirmed its guidance for 2025, excluding potential impacts from the evolving tariff situation. It said that latest data suggested demand was not yet being impacted beyond usual trends. It added that the current market environment was ‘uncertain’ amid the dynamic and complex tariff situation. Chief Executive Officer Duncan Tait said: ‘Demand is not currently being impacted by the tariff situation, although we do expect to see potential impacts on supply from our original equipment manufacturers, the competitive environment and market demand. We are taking proactive steps to support our key stakeholders, including taking a conservative approach to managing inventory levels, ensuring we remain disciplined on costs, focusing on cash generation and maintaining our strong balance sheet.’ Looking ahead, he said: ‘We remain excited about Inchcape’s growth prospects, driven by our strong relationships with winning OEMs and our ability to grow market share through differentiated technology capabilities and contract wins. This is supported by our strong balance sheet, cash generation capabilities and high returns, which provide resilience through-the-cycle. We remain fully focused on delivering against our target of over 10% earnings per share compound annual growth rate over the medium term.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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