REG - Inchcape PLC - Update on Russian operations

InchcapeAnnouncement

15/03/2022 07:00

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RNS Number : 7446E  Inchcape PLC  15 March 2022

15 March 2022

 

Update on Russian operations

 

Inchcape is deeply saddened by the ongoing conflict in Ukraine and the
enormous humanitarian impact on all those affected. We share the hopes of the
world for a peaceful resolution.

In light of the current circumstances, we have concluded that the Group's
ownership of its business interests in Russia is no longer tenable. Therefore,
working in conjunction with our OEM partners, we have initiated a process to
transition our Russian business. We intend to do so in full compliance with
international and local regulations and with the aim of safeguarding the
continuing employment of our colleagues.

Inchcape's business in Russia is a Retail-only operation, and during 2021 it
disposed of its St. Petersburg operations. The remaining business contributed
£750m of revenue in 2021 (c.10% of Group sales) and, over the last five
years, generated c.5% of the Group's operating profit (pre-pandemic: less than
3%).

Inchcape and its colleagues are assisting with humanitarian efforts to help
transport refugees from the borders to safe havens in our markets. The Company
has pledged a donation, and will also match our people's fund-raising efforts,
to UNHCR's refugee appeal.

Inchcape is a globally diverse business, operating in over 40 markets, and the
safety and wellbeing of our colleagues around the world is our foremost
priority.

 

Contacts
 Inchcape plc:
 Raghav Gupta-Chaudhary            Investor queries  +44 (0)7933 395 158  investors@inchcape.com (mailto:investors@inchcape.com)
 Finn Lawrence                     Media queries     +44 (0)20 7546 0022

 Media enquiries:
 Tim McCall (Instinctif Partners)                    +44 (0)20 7457 2020  inchcape@instinctif.com (mailto:inchcape@instinctif.com)

 
About Inchcape

Inchcape is the leading independent multi-brand global automotive distributor,
operating in over 40 markets and territories with a portfolio of the world's
leading automotive brands. Inchcape has diversified multi-channel revenue
streams including sale of new and used vehicles, parts, service, finance and
insurance. The Company has been listed on the London Stock Exchange (INCH)
since 1958, and is classified within the 'Business Support Services' sector.
The Group is headquartered in London and employs around 14,500 people
globally. www.inchcape.com (http://www.inchcape.com) .

 

 

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