Inchcape PLC (LSE:INCH) shares fell almost 8% to 801p on Thursday morning despite its full-year revenue being better than expectations and profits in line with forecasts.
The car dealer said trading to date in 2023 had been in line with its expectations and it anticipated new vehicle supply "will continue to improve" throughout the year, supporting "a normalisation of order books", while it expects "to make strategic, operational and financial progress" as it further integrates last year's acquistion of Derco, Latin America's largest independent distributor.
In the past calendar year, adjusted profit before tax rose 46% to £373mln on revenue of £8.1bn, which was up 15% on an organic basis as vehicle volumes recovered, or 18% on a reported basis.
The dividend was lifted 28% to 28.8p.
Shares in the group hit 941p recent, their highest since 2007, having risen almost a third since the start of 2020.
Analysts at Jefferies noted that guidance had been raised throughout last year, but estimates "landed in line with consensus".
"Inchcape describes the outlook as 'changeable'; we read this as the benefit of a diversified geographic mix, and we do not expect a material change to consensus PBT estimates for FY23."