Inchcape plc (LON:INCH) 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.