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Inchcape Slips To Loss In H1 On Weak Revenues; Stock Down

Inchcape Plc (INCH.L), a multi-brand automotive distributor and retailer, reported Thursday that its first-half loss before tax was 188 million pounds, compared to prior year's profit of 154 million euros. Loss per share was 48.2 pence, compared to profit of 27.8 pence a year ago.

The latest results reflected 198 million pounds of exceptional charges, largely impairments of Retail goodwill and sites globally.

Pre-exceptional profit before tax was 9 million pounds, compared to prior year's 156 million pounds.

Adjusted loss per share was 0.6 pence, compared to profit of 28.6 pence a year ago.

Group revenue declined 36 percent to 3.02 billion pounds from 4.73 billion pounds last year. On a constant currency basis, revenue dropped 35 percent and was 29 percent on an organic basis.

Looking ahead, the company said it is still too early to provide a guidance due to the lack of visibility of underlying demand, coupled with the ongoing uncertainty regarding a potential second wave of the virus.

The company's majority of the markets have now reopened.

In London, Inchcape shares were trading at 471.6 pence, down 2.56 percent.

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