Plus   Neg

Inchcape Suspends FY20 Outlook, Share Buyback Amid COVID-19

Inchcape Plc (INCH.L), a multi-brand automotive distributor and retailer, announced Friday that ongoing trading has been broadly in line with expectations, but its Board has decided to put on hold its fiscal 2020 guidance, citing the uncertainty related to COVID-19 situation.

The company also decided to temporarily suspend the 150 million pounds share buyback program.

Any forward guidance will be put on hold until such time that both the severity and duration of the Coronavirus impact on supply and demand becomes clearer, it said.

The current share buyback program was launched in February. To date, the company has spent about 25 million pounds on the purchase of shares in this program.

Inchcape said it has a strong balance sheet and remains committed to its disciplined capital allocation policy.

Inchcape will publish its trading update on May 21.

In London, Inchcape shares were trading at 496.20 pence, up 2.14 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Former Google engineer Anthony Levandowski was sentenced by a U.S. judge to eighteen months in prison for stealing trade secrets from Google's self-driving car unit before he defected to Uber's rival unit. Levandowski admitted that from 2009 to 2016, he worked in Google's self-driving car program, known then as Project Chauffer. JetBlue has strengthened its face covering policy, by prohibiting face masks with vents or exhalation valves, starting August 10. It will also no longer allow customers to claim exemptions from wearing a face covering altogether. Home Depot, Inc. is set to open three new distribution centers in Georgia over the next 18 months, which is expected to create an additional 1,000 new jobs in Greater Atlanta, including full-time and part-time positions. The home improvement retailer has already created more than 5,000 new jobs in Georgia over the last five years.
Follow RTT