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Inchcape warns of uncertainty in final two months of year amid new lockdowns in England, Belgium
StockMarketWire.com
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Automotive distributor and retailer Inchcape warned of uncertainty over performance in the final two months of the year amid new lockdowns in the England and Belgium.
Following a better than expected Q3, the group was on course to deliver a strong second half performance, significantly ahead of market expectations.
But the recent restrictions imposed on its operations in the UK and Belgium has created an uncertain trading outlook for the final two months of the year, and the company said it was prudent not to give guidance at this time.
During the quarter, revenue fell 19% as the company observed an improving trend across its new, used and aftersales revenue streams, and continued to outperform market volumes.
We also saw a quarter-on-quarter improvement in gross margin, resulting in a stable margin versus prior year. Supported by the highly cash-generative nature of our business model, the Group's financial position was further strengthened.
At 8:57am: (LON:INCH) Inchcape PLC share price was +17.5p at 551p
Story provided by StockMarketWire.com
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