Inchcape PLC Trading Update (1372I)
10 Diciembre 2020 - 1:00AM
UK Regulatory
TIDMINCH
RNS Number : 1372I
Inchcape PLC
10 December 2020
10 December 2020
This announcement contains inside information
Inchcape plc
Trading Update
Inchcape plc ("Inchcape" or "the Group") today provides the
following trading update.
In our Q3 update of 5 November 2020, we reported that the Group
was on course to deliver a performance significantly ahead of
market expectations. At the same time we were mindful of further
lockdown restrictions impacting a number of the markets in which we
operate, and felt it was prudent not to give guidance for FY
2020.
It is now clear that the restrictions have had less of an impact
on our performance than might have been expected with resilient
demand for both Vehicles and Aftersales services. This was
supported by our ability to continue delivering vehicles, provide a
click-and-collect service and to continue to perform Aftersales
services in the affected markets.
In light of this better than expected performance in November,
and the limited restrictions in place as of today, we expect 2020
profit before tax (pre exceptionals) will be materially ahead of
the published market consensus (GBP108m).
Additionally, supported by our highly cash generative business
model, our overall financial position has strengthened further and
we expect our year end net cash position will be substantially
above the prior year.
Against the backdrop of a better trading performance and strong
cash generation, we will consider resuming dividend payments in
accordance with the performance of the business at the year
end.
Notwithstanding our FY 2020 performance, we continue to operate
in an uncertain economic environment as a result of the Covid-19
pandemic.
The Group's full year results will be published on 25 February
2021.
Ends
Inchcape plc - Investor Relations
Raghav Gupta-Chaudhary +44 (0)7933 395 158,
investors@inchcape.com
Instinctif
Mark Garraway +44 (0)7771 860 938, Inchcape@instinctif.com
About Inchcape
Inchcape is the leading independent multi-brand Automotive
Distributor and Retailer, operating in 34 markets with a portfolio
of the world's leading automotive brands. Inchcape has diversified
multi-channel revenue streams including sale of new and used
vehicles, parts, service, finance and insurance. The Company has
been listed on the London Stock Exchange since 1958, is
headquartered in London and employs around 16,000 people.
www.inchcape.com
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END
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