Inchcape, the UK based global new vehicle importer, distributor and retailer, which recently announced the sale of its UK retail operations to Group 1, in a Q1 2024 trading update reported “a positive start to the year, major strategic progress and good revenue growth, outperforming our markets”.

Group revenue rose 5% year on year to GBP2.3bn1 after “organic and acquired growth, partly offset by translational currency headwinds”.

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The company reported “further momentum” in the APAC region, “with broad based organic growth across our markets, supported by acquisitions” and “continued outperformance in Europe, driven by order bank unwind”.

Key markets were stabilising in the Americas as Inchcape becomes “a pureplay distribution business” having agreed divestment of UK retail operations for GBP346m in cash.

The company also announced a GBP100m share buyback on completion of the UK divestment.

It was expecting continued expansion of the distribution business and recent contract wins had made a positive contribution to growth – these were Ford in Estonia and Forland (Commercial Vehicles) in Ecuador.

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Group chief executive Duncan Tait said: “Our positive start to 2024 reflects the underlying quality of our business and we have confidence in, and we have reiterated, our outlook for the year.

“We recently announced an agreement to divest our UK retail business. This transaction will complete our strategic transformation into a pureplay distribution business which is capital light, highly cash generative, higher margin and globally diversified.

“With our global market leadership position, digital and data capabilities to support our OEM partners, our distribution platform is well positioned for the future, and we remain confident about the medium to long term outlook for the group.”