Latest news with #Inchcape
Daily Mail
a day ago
- Automotive
- Daily Mail
Car distributor Inchcape says impact of US tariffs has been 'limited'
Car distributor Inchcape maintained its full-year financial outlook this week, banking on a resilient performance driven by steps to manage costs and inventory to offset the impact of US tariffs and fierce competition. Inchcape, which exports cars for global manufacturers across 40 countries, said the impact of US tariffs so far in the year had been 'limited', adding that growth could tilt towards the second-half due to the cyclical nature of its sales. Britain and the US signed a formal trade agreement last week, under which British car makers will be given an annual quota of 100,000 cars to be sent to the US at a 10 per cent per cent tariff rate. Inchcape shares rose over 6 per cent following the update, having slipped around 2 per cent in the last year. Inchcape said it expected 'another year of growth', including higher earnings per share growth. The group reported revenue of £9.3billion and a profit of 71.3p per share last year. Americas saw a continued improvement in trading, Australia was 'resilient' with ongoing headwinds in some other AsiaPac markets, while Europe & Africa continued an underlying outperformance of the market, Inchcape said in an update on Thursday. Analysts expect Inchcape to report 2025 revenue of £9.25billion and profits of 79.5p per share. Peel Hunt analyst Andrew Nussey said in a note: 'Investors will likely be reassured that the unchanged guidance now accommodates tariffs, as well as the operational discipline.' In April, the group said it had gained seven distribution contracts, including deals to sell BYD's electric vehicles in Lithuania and Latvia and Smart cars in Ecuador, Colombia, and Uruguay. so far and reiterated its annual guidance.
Irish Times
2 days ago
- Business
- Irish Times
Global shares hit their third record high in three days despite Fed concerns
Global shares hit their third record high in three days on Thursday despite growing market concerns about the US Federal Reserve's independence. Dublin Euronext Dublin finished the day up 0.5 per cent, which was largely in line with international peers. Ryanair climbed 40 basis points, but underperformed the sector with Aer Lingus parent International Airlines Group and Air France up 2 per cent and 4.5 per cent respectively. It was a mixed bag for the home builders with Cairn Homes up 2 per cent, while Glenveagh Properties was down 23 basis points. READ MORE Meanwhile, insulation specialist Kingspan finished the day up 1.2 per cent, while Ires Reit – the biggest landlord in the State – climbed 1.3 per cent. Among the food names, Kerry Group was up 22 basis points at close of business, while Origin Enterprises, Greencore, and Glanbia climbed 2.7 per cent, 2.2 per cent, and 1.8 per cent respectively. London The UK's main stock indexes rose, with midcaps closing at a 10-month high as investors digested corporate results and considered the outlook for interest rates after data indicated softening consumer spending. The internationally-focused FTSE 100 ended up 0.2 per cent, with a jump in the pound to its highest since 2021 weighing on dollar earners such as Unilever and HSBC. The FTSE midcap index climbed 0.8 per cent to its highest close since August. Among companies that reported, Inchcape gained 5.9 per cent after the car distributor maintained fiscal-year outlook through cost-cutting measures that offset US tariffs and increased competition. Moonpig slumped 9.2 per cent to touch a more than two-month low after the greeting card retailer forecast slower earnings growth and announced the departure of its CEO. Next 15 Group slumped 28 per cent after the consultancy and marketing services provider warned full-year 2026 profit would significantly miss market expectations. Europe European shares edged higher again, buoyed by signs that the Israel-Iran ceasefire appeared to be holding and that European Union leaders were preparing to set their stance for US trade tariff talks ahead of a Trump-imposed deadline of July 9th. The region's flagship Stoxx 600 index was up 0.2 per cent on the day while MSCI's record-high world stocks benchmark was up 0.4 per cent, leaving it almost 8 per cent ahead for the year. The euro jumped 0.6 per cent to $1.173, its strongest since 2021. Euro zone bond yields fell slightly after rising the day before, as markets weighed worries about rising fiscal spending against the outlook for monetary policy. Germany's 10-year government bond yield, the euro zone's benchmark, was last down 1 basis point at 2.555 per cent, after rising 3 basis points the day before. The 30-year yield was little changed at 3.07 per cent. 'We're range trading,' said Anders Svendsen, chief analyst at Nordea. 'I think we should be careful not to over-interpret daily moves.' New York The dollar sank to a more than three-year low after reports Donald Trump is planning to choose the next Federal Reserve chief early. The US dollar index was down nearly 0.5 per cent on the session and more than 10 per cent for the year. If it stays that way in the next few days it will be its biggest fall in the first half of a year since the start of the era of free-floating currencies in the early 1970s. Wall Street's main indexes were trading higher, with the benchmark S&P 500 and Nasdaq nearing record highs. The Dow Jones Industrial Average rose 0.74 per cent; the S&P 500 rose 0.66 per cent; and the Nasdaq Composite rose 0.73 per cent. Copper miners gained after the red metal's prices jumped to a three-month high. Freeport Freeport-McMoRan rose 6.2 per cent and Southern Copper advanced 6.5 per cent. Equinix's shares dropped 9.2 per cent after its annual growth forecast failed to impress investors, with multiple brokerages cutting their ratings on the data centre company's stock. – Additional reporting: Agencies
Zawya
2 days ago
- Business
- Zawya
UK shares gain as investors assess company news, economic data
UK shares edged higher on Thursday, with the midcap index hitting a two-week peak as investors digested a mixed bag of corporate results and mulled the outlook for interest rates after data indicated softening consumer spending. The internationally focused FTSE 100 rose 0.4% by 1100 GMT, while the domestically focused midcap index gained 0.6%. Traders also scrutinised Shell's latest comments after the oil giant denied reports of ongoing talks to acquire rival BP. Shares in both energy companies traded marginally higher in the morning. Industrial and precious metal miners led sectoral gains, tracking higher mineral prices as a weaker dollar made resources cheaper for holders of other currencies. Fresnillo, Antofagasta, Anglo American and Endeavour Mining each added over 2%. Car distributor Inchcape gained 6.2% to top the midcap FTSE index after maintaining fiscal-year outlook through cost-cutting measures that offset U.S. tariffs and increased competition. The midcap index has outperformed the FTSE 100 this quarter and is on track for its biggest quarterly rise since late 2020. Analysts note that domestically focused companies have been relatively insulated from trade uncertainties, while the UK remains among the few countries to have signed a trade deal with the United States. On the data front, British retail sales slumped this month and expectations within the industry for July also deteriorated, a Confederation of British Industry survey showed. Recent data reports have signalled a softening economy, and traders are now pricing in a 25 basis point Bank of England rate cut in September, according to LSEG data. Among other stocks, Associated British Foods rose 1.1% after the food retailer said it would close the UK's largest bioethanol plant by September unless the government provides support — potentially the first casualty of Britain's tariff deal with the United States. Greeting card retailer Moonpig slumped 9.6% to touch a more than two-month low after forecasting slower earnings growth and announcing its CEO's departure. Outsourcing firm Serco rose 2% on expectations of North American market driven first-half growth due to a high volume of defence contracts from last year. Consultancy Next 15 Group slumped 25% after warning full-year 2026 profit would significantly miss market expectations. (Reporting by Twesha Dikshit; Editing by Tasim Zahid)
Reuters
2 days ago
- Business
- Reuters
UK shares gain as investors assess company news, economic data
June 26 (Reuters) - UK shares edged higher on Thursday, with the midcap index hitting a two-week peak as investors digested a mixed bag of corporate results and mulled the outlook for interest rates after data indicated softening consumer spending. The internationally focused FTSE 100 (.FTSE), opens new tab rose 0.4% by 1100 GMT, while the domestically focused midcap index <.FTMC> gained 0.6%. Traders also scrutinised Shell's (SHEL.L), opens new tab latest comments after the oil giant denied reports of ongoing talks to acquire rival BP (BP.L), opens new tab. Shares in both energy companies traded marginally higher in the morning. Industrial (.FTNMX551020), opens new tab and precious metal miners (.FTNMX551030), opens new tab led sectoral gains, tracking higher mineral prices as a weaker dollar made resources cheaper for holders of other currencies. Fresnillo (FRES.L), opens new tab, Antofagasta (ANTO.L), opens new tab, Anglo American (AAL.L), opens new tab and Endeavour Mining (EDV.L), opens new tab each added over 2%. Car distributor Inchcape (INCH.L), opens new tab gained 6.2% to top the midcap FTSE index after maintaining fiscal-year outlook through cost-cutting measures that offset U.S. tariffs and increased competition. The midcap index has outperformed the FTSE 100 this quarter and is on track for its biggest quarterly rise since late 2020. Analysts note that domestically focused companies have been relatively insulated from trade uncertainties, while the UK remains among the few countries to have signed a trade deal with the United States. On the data front, British retail sales slumped this month and expectations within the industry for July also deteriorated, a Confederation of British Industry survey showed. Recent data reports have signalled a softening economy, and traders are now pricing in a 25 basis point Bank of England rate cut in September, according to LSEG data. Among other stocks, Associated British Foods (ABF.L), opens new tab rose 1.1% after the food retailer said it would close the UK's largest bioethanol plant by September unless the government provides support — potentially the first casualty of Britain's tariff deal with the United States. Greeting card retailer Moonpig (MOONM.L), opens new tab slumped 9.6% to touch a more than two-month low after forecasting slower earnings growth and announcing its CEO's departure. Outsourcing firm Serco (SRP.L), opens new tab rose 2% on expectations of North American market driven first-half growth due to a high volume of defence contracts from last year. Consultancy Next 15 Group (NFGN.L), opens new tab slumped 25% after warning full-year 2026 profit would significantly miss market expectations.
Reuters
2 days ago
- Automotive
- Reuters
UK's Inchcape maintains annual outlook, including impact of tariffs
June 26 (Reuters) - British car distributor Inchcape (INCH.L), opens new tab reiterated its full-year financial outlook on Thursday, banking on a resilient performance driven by steps to manage costs and inventory to offset the impact of U.S. tariffs and higher competition. Inchcape, which exports cars for global manufacturers across 40 countries, said that tariff-related impact so far in the year through December was limited, adding that growth could tilt towards the second-half due to the cyclical nature of its sales. The U.S. and UK signed a formal trade agreement last week, under which British car makers will be given an annual quota of 100,000 cars to be sent to the U.S. at a 10% tariff rate. Inchcape shares were up 2.2% in early trade after it said it continues to expect "another year of growth", including "higher (earnings per share) growth". "Investors will likely be reassured that the unchanged guidance now accommodates tariffs, as well as the operational discipline," Peel Hunt analyst Andrew Nussey said in a note. The auto retailer reported revenue of 9.3 billion pounds ($12.76 billion) and profit of 71.3 pence per share in 2024. Analysts, meanwhile, expect Inchcape to report 2025 revenue of 9.25 billion pounds and profit of 79.5 pence per share, according to a company-compiled consensus. ($1 = 0.7291 pounds)
