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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.

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