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(Sharecast News) - Automotive retailer Inchcape reported a decline in full-year profits in 2019 on Thursday as the group was impacted by political turmoil in Hong Kong and Chile and supply constraints in Australia.
Inchcape posted an adjusted pretax profit of ?326.3m, down 7.4% year-on-year, while revenues grew 1.3% to ?9.38bn. Operating profits were down 6.7% at ?373.1m but earnings per share were up 6.1% at 59.9p.
The FTSE 100-listed firm also announced a new ?150m buyback to be completed within the next 12 months.
Inchcape also cautioned that earnings looked set to be lower in 2020, as the coronavirus outbreak led to reduced footfall in Hong Kong, Singapore and Macau in February.
Outgoing chief executive Stefan Bomhard said: "Our performance in 2019 against the backdrop of challenging dynamics in several markets demonstrates the resilience in Inchcape's business model.
"We expect challenging market dynamics to continue through 2020, particularly in Singapore, Hong Kong and Chile, although we are encouraged by the outlook for our European businesses. In addition, we continue to monitor how the Coronavirus situation develops."
Bomhard will leave Inchcape on 30 June after five years as CEO.
As of 0915 GMT, Inchcape shares were down 4.29% at 569.50p.
6 May 2021 15:53