| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Inchcape swings to loss as revenue slumps 27% on virus impact; resumes dividend
StockMarketWire.com
|
Automotive distributor and retailer Inchcape swung to a loss as revenue fell by more than third amid lockdown restrictions that dented demand. The company did resumed its dividend at lower rate, citing a strength in its finances.
For the year ended 31 December 2020, pre-tax losses were £128 million from a profit of £402 million last year as revenue fell 27% to £6.84 billion.
'We made an encouraging start to the year, but in Q2 our operations were materially impacted by COVID-19, the company said.
But it saw an improving trend across our new, used and aftersales revenue streams in H2.
Dividend payments were reinstated, declaring a dividend of 6.9p for the year, down 22% on last year.
The company said its significant cost-restructuring programme was largely complete.
At 9:46am: (LON:INCH) Inchcape PLC share price was 0p at 617.5p
Story provided by StockMarketWire.com
|
|
|
|
|
|
