The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Andrew Nussey - Peel Hunt LLP, Research Division - Analyst
: Questions from me, please. Really a more sort of the medium term outlook. I guess, first of all, in terms of the Americas and specifically Chile and
Colombia, where obviously you referenced sort of weaker market volumes in the first quarter, really just looking Duncan can pass a little bit more
comfort around your medium-term thoughts on those markets. And if they have changed at all given the current market dynamics. And then
secondly, in terms of sort of distribution excellence, as you're sort of beginning to see improved vehicle supply, maybe some better insight on the
sort of order book dynamics, whether it's sort of your confidence again in that sort of medium-term objective of high single-digit organic sort of
profit growth over the medium term, please?
Question: Andrew Nussey - Peel Hunt LLP, Research Division - Analyst
: I think you answered my first question earlier. The second question if you remember, was around distribution excellence and sort of the medium-term
profit growth ambitions. And just whether now you're beginning to see some normalization in vehicle supply as you look across sort of the order
books across the region, is just your confidence in delivering that sort of organic aspiration over the medium term?
Question: Georgios Alexandre Bela Pilakoutas - Numis Securities Limited, Research Division - Analyst
: And maybe just want one more on kind of the Americas demand. I guess, really just the point that the monthly rate has been very volatile. And so
I was just wondering if there was anything that you think is particularly driving that? And about when we look at the last quarter in Chile, January
was down 20% versus 2019, March is plus 20%. What is kind of a truer sense for kind of what the underlying demand? Is it kind of somewhere in
the middle or somewhere towards the lower end or the upper end. So anything you can share there? And then secondly, on the Derco inventory,
I was just wondering if you could talk a little bit more around what that inventory is? Is it kind of use?
Is there any particular brands? Just kind of give a bit more of a sense of how you're going to manage through that? Third one is on M&A and just
how you think around the group's balance sheet position versus doing further M&A, you didn't stop in the first quarter, but there must be a point
where you feel like you need to prove things. And so if that is the case, what needs to be proved -- is it kind of going towards the end of this year,
where leverage is back into kind of a more comfortable position? Or do you see any kind of restrictions to M&A? And then the final one, I don't
even think I can blame the line cutting out. Can I just confirm some comments at the beginning that you said that the data consideration had been
paid? So hopefully, that's a very quick one.
Question: Georgios Alexandre Bela Pilakoutas - Numis Securities Limited, Research Division - Analyst
: That one is under Derco consideration being paid.
Question: Georgios Alexandre Bela Pilakoutas - Numis Securities Limited, Research Division - Analyst
: Yes, I mean that's great. Thanks so much guys.
Question: Akshat Kacker - JPMorgan Chase & Co, Research Division - Analyst
: Just one clarification, please. On the Americas business in Q1, could you just give us more detail in terms of the overall volume and revenue
development in the region organically, please?
Question: Akshat Kacker - JPMorgan Chase & Co, Research Division - Analyst
: I was saying in terms of quantification, is it possible to talk about revenue development in the region.
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APRIL 27, 2023 / 7:30AM, INCH.L - Q1 2023 Inchcape PLC Trading Statement Call
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