Update on Russian operations

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	[phone]	[e-mail]
Finn Lawrence	Media queries	[phone]
Media enquiries:
Tim McCall (Instinctif Partners)		[phone]	[e-mail]

 

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 .

 

 

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