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
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that the current state of the COVID-19 pandemic in the U.S. is "really not good." The U.S. is the country worst-affected by the coronavirus and has recently seen a surge in coronavirus infections as lockdown restrictions are eased. Granules Pharmaceuticals, Inc. recalled twelve (12) lots of type 2 diabetes medication Metformin hydrochloride Extended-Release, in the form of oral film-coated tablets, for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Palantir Technologies Inc., the Silicon Valley big data analytics company that has handled U.S. government's certain sensitive projects, said it has confidentially filed documents with the Securities and Exchange Commission to go public. In a statement, the company said the proposed public listing of its Class A common stock is expected to take place after the SEC completes its review process.
Follow RTT