- Derco integration progressing well
- Free cash flow conversion on the rise
The share price fall that accompanied the release of Inchcape’s (INCH) full-year figures had less to do with financial performance than it did with market anxieties linked to the automotive sales market in 2024. Admittedly, management did dampen expectations, cautiously highlighting “prudent expectations for recovery in FY2024 in certain markets, which are weaker than previous years”. This is far from a damning indictment of the industry, especially given that UK new car registrations hit a 20-year high in February, but analysts at Auto Trader (AUTO) believe that significant discounting will remain a feature of the market in 2024.