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Prices & Quotes - UK Markets - Inchcape (INCH)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 481.60p
Change Today:
-1.20p
Market Cap:
1,894.01m
Sector:
Support Services

Inchcape to cut jobs as Covid shutdowns force first-half loss

By Frank Prenesti

Date: Thursday 30 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Car dealer Inchcape said it would be cutting jobs globally as it swung to a first-half loss due to Covid-19 shutdowns.
The company on Thursday reported a pre-tax loss of 188m in the first six months of the year, compared with a 154m profit a year earlier.

Inchcape, which has more than 100 franchised dealerships, said group revenue fell 36% to 3bn as lockdowns hammered trade.

A worldwide restructuring programme was expected to cost 70m to help Inchcape emerge "stronger, with a leaner platform". Expected to be completed in the first quarter of 2021, the plan was expected to deliver a cost benefit of more than 90m.

The restructuring will include slashing sales and support personnel jobs around the world. Inchcape has operations in Europe, Asia, Australia, Africa and South America.

It will also include renegotiation of third-party expenditure and "a further rationalisation of our footprint".

"Following the April low, we have seen sales performance sequentially improve in both May and June, as trading resumed across more markets," the company said.

"It remains too early to call out a trend based on what we have observed thus far, not least because of the distortion effect of pent-up demand as we reopen markets."

Inchcape said it was currently open in 30 markets including Singapore and the UK but was still closed in Chile, Costa Rica and Panama.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Inchcape Market Data

Currency UK Pounds
Price 481.60p
Change Today -1.20p
52 Week High 720.00p
52 Week Low 420.00p
Volume 496,906
Shares Issued 393.27m
Market Cap 1,894.01m

Performance Indicators

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What The Brokers Say

Strong Buy 5
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 6
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Inchcape Dividends

  Latest Previous
  Interim Final
Ex-Div 01-Aug-19 16-May-19
Paid 04-Sep-19 21-Jun-19
Amount 8.90p 17.90p

Trades for 20-Oct-2020

Time Volume / Share Price
16:35 341,436 @ 481.60p
16:29 11 @ 481.00p
16:29 246 @ 481.00p
16:29 162 @ 480.60p
16:29 400 @ 480.60p

Inchcape Key Personnel

Chair Nigel Stein
CFO Gijsbert de Zoeten
CEO Duncan Tait