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Inchcape Turns To Profit In H1; Unveils £100 Mln Share Buyback; Stock Up

Inchcape Plc (INCH.L), a multi-brand automotive distributor and retailer, reported Thursday that its first-half profit before tax was 61 million pounds, compared to loss of 188 million pounds a year ago.

Basic earnings per share were 6.1 pence, compared to loss of 48.2 pence last year. The latest results included loss on disposal of part of Retail operations in Russia.

Pre-exceptional profit before tax was 143 million pounds, compared to last year's profit of 9 million pounds. Adjusted earnings per share were 26.7 pence, compared to loss of 0.6 pence a year ago.

Group revenue was 3.93 billion pounds, up 30 percent from last year's 3.02 billion pounds. Revenue grew 37 percent on an organic basis. Underlying revenue was 3 percent below pre-pandemic 2019 levels.

Further, the company announced the launch of 100 million pounds share buyback programme and declaration of 6.4 pence interim dividend.

In London, Inchcape shares were trading at 863.03 pence, up 2.32 percent.

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